While bitcoin faces local resistance levels, the crypto asset is experiencing a rally driven by aggressive spot market activity., on-chain metrics suggest bitcoin’s momentum is currently bullish. This outlook is also reinforced by rising inflows into the United States spot Bitcoin exchange-traded funds , signaling growing confidence among retail and institutional investors.Bitcoin’s bullish momentum is seen in the Spot Cumulative Volume Delta data.
“This kind of buying behavior is typically viewed as a more sustainable foundation for price increases, as it reflects a direct commitment of capital to the asset rather than leverage-based speculative bets,” Bitfinex stated.BTC to the $60,500-$61,000 resistance level, which analysts say is a cause for concern. This level has played an important role throughout the market’s ranging price movement since early March.
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Source: CoinDesk - 🏆 291. / 63 Read more »