Zhu Highlight Bullish Factors Propelling BTC accumulation
Zhu articulated Secondary factors like the inflow of 7k Bitcoin into Canada’s Bitcoin ETF, the second largest single day buy of the foundation, bringing its Bitcoin reserve to 41,620. El Salvador conference which hosted 44 centeral banks, OPEC usage of international payment, shortage of Bitcoin to hedge private sale.
Another on-chain metric for Bitcoin that Zhu finds noteworthy is the BTC strength over the stock market overnight, according to Zhu, Bitcoin is approaching a long accumulation period with an overall bullish market structure.
This suggests that the market could be near capitulation, indicating a strong buy zone for long-term investors.
Bitcoin’s current position
May has seen some of the most momentous market developments since the 2021 Bitcoin reversal, These are some of the Key takeaways from the Crypto hedge fund CEO’s Twitter thread.
However, at present, Bitcoin has experienced the largest decline in history in the last seven weeks. this among some other developments like the largest spot and derivatives trading volume following this past week’s fall in Luna and UST, after the liquidation of Terra’s LFG Bitcoin reserve.
In light of recent events and highly volatile market conditions, stable coin Tether has also shown signs of stress as USDT/USD traded under $0.99 on major crypto exchanges, this has thrown investors and traders into a state of panic. Bitcoin (BTC) appears to be struggling to hold the $30,000 level and has traded in a tight range of between $27,000 and $30,000 over the past few days. That’s a key support zone for BTC, and it is also the lower bound of a yearlong trading range.
Bitcoin faces strong resistance at between $33,000 and $36,000, which could stall an upswing in price. Bitcoin dominance continued to rise, edging above 45% on Wednesday.