This Coinbase Trend Could Sign Another Bitcoin Rally imminent


  • The price of Bitcoin is inching higher this morning following a bout of weakness seen yesterday
  • Its current strength comes as the market as a whole moves higher, with bulls gaining a serious advantage over cryptocurrency pricing action
  • Twitter activity from prominent figures like Elon Musk and others has also boosted the cryptocurrency, sending its price rocking back toward $ 24,000
  • It remains unclear whether this will be enough to boost the crypto in the days ahead
  • One analyst notes that the inflow of USDC whale capital on Coinbase could boost the cryptocurrency

Bitcoin and the entire crypto market are showing signs of strength right now. Where BTC’s next trends will depend largely, if not entirely, on whether or not it can turn $ 24,000 into support.

Sales pressure seen above this level has proven to be intense in the past. A solid cut above it, combined with a flip of this level to support, could be enough to fire the next leg higher.

One trader explained in a recent tweet that he was keeping a close eye on the market to see a strong upward rally driven by inflows on Coinbase of USDC whales.

Bitcoin Shows Signs of Strength as a $ 24,000 Target Bull

At the time of writing, Bitcoin is trading down slightly at its current price of $ 23,800. This marks a notable increase from its recent low of $ 23,100 set yesterday.

The selling pressure at $ 24,000 has been quite intense, and where it tends in the medium term may depend on its response to this level.

The short break above which he saw yesterday was short-lived and led to strong crypto sales.

If turned into support, this level could be a new foundation for future growth.

This Coinbase Trend Suggests Uptrend Bitcoin Getting Started

One analyst on the chain he explained in a recent tweet that deposits of USDC on Coinbase have boosted Bitcoin’s price and may continue to do so in the medium term.

“I think the USDC whales on Coinbase know how to play. Whenever these whales deposit into Coinbase, the price of BTC is likely to rise. There are recent deposits of USDC whales. I think it might be one of the bullish signals. “

Bitcoin

Image Courtesy of Ki Young Ju. Source: BTCUSD on TradingView.

The upcoming closing of Bitcoin weekly candles should shed some light on where the entire market is about to tremble in the days ahead.

Featured image from Unsplash.
Charts from TradingView.

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