- Bitcoin price has maintained its support at $25,300 despite a massive selloff.
- This led to a bullish divergence which may see BTC back to $28,000 within two weeks.
- The crypto market’s short-term fate will be decided tomorrow with critical regulatory events happening in the US.
Bitcoin bulls have once again proven their resilience despite a bloody weekend due to successive lawsuits against Binance and Coinbase.
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Specifically, BTC whales have bought the dip at $25,300 and are taking their BTC off exchanges. This has led to a bullish divergence, which may send Bitcoin back to $28,000 within two weeks.
Glassnode also confirms that a similar trend happening among Bitcoin whales — they just keep accumulating bitcoins regardless of any negative news in the crypto space.
In detail, the amount of bitcoins being sent from whale addresses to exchanges remains at 0.004%. In other words, only traders and retailers are selling their bitcoins.
These details may show that the crypto space — especially Bitcoin fans — is getting immune to FUDs of any kind. Given that the next Bitcoin halving is still one year from today, preventing BTC from incurring further losses will provide rocket fuel for a push for a new all-time high (ATH).
BTC/USDT 4-hour chart (source: TradingView)
As seen in the chart, the $25,300 support has been tested thrice this month and has remained resilient. However, the crypto market’s short-term fate will be decided tomorrow, June 13, as Ripple will have access to Hinman’s emails unredacted and the crypto regulation bill hearing will ensue as well. What is more, the monthly inflation rate will be announced by the FED soon.
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