One coinbase trend shows that another Bitcoin rally is imminent in the near-term as the price is inching higher following a bout of weakness yesterday. In our BTC news today, we take a closer look at the price charts.
The current strength in BTC comes as the entire market moves higher with the bulls gaining a serious edge over the price action. The Twitter activity from figures like Elon Musk also led the price to increase above $24,000. It remains to be seen whether or not this will be enough to boost the crypto in the upcoming days ahead and one analyst also noted that the cryptocurrency will be boosted by the inflow of capital from USDC whales.
However, the coinbase trend shows that the market is showing signs of strength at the moment but where will BTC trend next, depends on whether or not it is able to flip the $24,000 into support. The selling pressure seen above this level proves to be quite intense in the past so a break above it combined with the flipping of the level could be enough to spark another leg higher. Another trader said that he is watching closely for the market to see a stronger rally that is driven by inflows on Coinbase from USDC whales.
Bitcoin was trading down marginally at a price of $23,800 which marks a notable upswing from the recent lows of $23,100 which was set a day ago. The selling pressure was set at $24,000 which prove to be intense and where will it trend next in the mid-term could depend on the reaction to this level. Breaking above this level yeste4rday was short-lived and resulted in a strong selloff. If the support is flipped, the level could be a new base for more growth.
One on-chain analyst explained in a tweet that the deposits of USDC on Coinbase were historically boosters for the price which could be useful in the mid-term:
“I think USDC whales on Coinbase know how to play. Whenever these whales deposits to Coinbase, the BTC price is likely to go up. There are deposits from USDC whales recently. I think it could be one of the bullish signals.”
Bitcoin’s upcoming daily candle close shed more light on where the entire market will turn next in the upcoming days so make sure to keep an eye on it.
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