Bitcoin price action consistently demonstrates its potential to reach new highs after institutions massively adopted BTC.
Here’s a look at what it means for Bitcoin’s future after closing above the weekly Bull Market Support band.has closed above the Bull Market Support band, a critical level on the higher timeframe, after three consecutive weeks of staying below it.
Bitcoin breaking through the liquidity zone with strong volume and staying above it, makes traders and investors feel confident to go long, while others might add to their positions.The institutional interest in Bitcoin continues to grow, strengthening its upward momentum. Semler Scientific recently purchased 83 additional Bitcoin, worth $5 million, bringing their total holdings to 1,012 BTC.
Historically, BTC has shown resilience, with only three years of negative percentage change since its inception, while the other 12 years have been positive.Semler’s commitment to buy more BTC, backed by a $150M fundraising effort, reflects the increasing institutional adoption of Bitcoin, which is driving the market higher.
In August, when the market dropped by 6% due to recession fears, Bitcoin price also saw a sharp decline of 30%.
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