Who would've thought DOGE would perk up after elonmusk's Twitter deal? The markets as a whole healed a bit with BTC hitting $40K.
) price staged a 5.72% rally to hit an intraday high at $40,366 as news of Twitter's sale spread across news outlets.Here’s a look at what analysts and on-chain data have to say about Bitcoin's short-term outlook.The recent bearish sentiment that has dominated the crypto market was addressed by crypto trader and pseudonymous Twitter user ‘Phoenix’, who
the following chart showing the decline in Bitcoin held on crypto exchanges, indicating that is point toward a strong accumulation phase.So what makes you think we would be at a point of distribution for BTC right now? These simple metrics tell me we're at Accumulation for months again. You need a thing you maybe don't have: PATIENCE.
The overall cryptocurrency market cap now stands at $1.859 trillion and Bitcoin’s dominance rate is 41.2%. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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