We’re back to the last Bitcoin lunch of the week. We look, of course, at the live Bitcoin price and the prices of the top 25 crypto that are rising sharply. This rise is creating bullish sentiment. Yet there is also a viper creeping through the grass. We have spotted it. Finally, we look at the key quotes for the weekend.
We start with the live Bitcoin price and the prices of the top 25 crypto.
Live bitcoin price and prices top 25 crypto rise fast
At the time of writing, the live Bitcoin price is quoting EUR 21,558.40 ($21,638). This is 5.34% higher than yesterday around this time and also higher than during our Bitcoin lunch from yesterday which appeared a little later.
The prices of most of the top 25 crypto are also positive. Besides the stable coins, only Leo Token (LEO) is posting a loss at -2.60%. The biggest gain is currently for Polygon (MATIC) with +8.51%. On the site of Tradeincrypto.com you can follow all live crypto prices 24 hours a day, including the entire weekend.
Rising Bitcoin price creates bullish sentiment
With the rising BTC price, we are once again seeing bullish signals in the market. For example, we see that a record amount of BTC has flowed away from the exchanges. The amount of BTC on the balance sheets of exchanges is now 20% below the top we saw in January. This creates a twofold bull signal. On the one hand, many long-term investors are storing the currency on their own wallets. In doing so, they are speculating on future price increases. The second bullish factor is that the stock markets are now holding less inventory and the moment of scarcity is once again approaching for them. This scarcity also leads to bullish sentiment.
In addition, we see that the Relative Strength Index has broken out of the bearish pattern. The price pattern also breaks through the rise from the bearish so-called inverse head and shoulders pattern. This movement often leads to further price increases.
A viper is creeping through the BTC Bulls
After all the negativity of the past few months, it’s nice to see a lot of positivity again. Unfortunately, as so often in the crypto world, there is a már. This time even a very big one.
This has everything to do with the bankruptcy of Mt Gox in 2014. This was the largest crypto exchange at the time. For years, they have been working to offer bankruptcy payouts to the duped owners. With this, they are distributing about 150,000 BTC (according to on-chain metrics 137,890 BTC to be exact) to the affected investors.
That this distribution is coming we have known for years, but now all procedures are over and the trustees are actually going to start distributing the Mt Gox bankruptcy.
Because the price in 2014 was a fraction of the current value of Bitcoin (BTC), many duped investors are making huge profits. The expectation and with it the fear is that many of those investors will sell their BTC immediately after distribution. What the impact of this may be on the market we already set out in 2020.
Even before this viper is released, the BTC price has other settlements lined up.
These are the Bitcoin key exchange prices for the weekend
With the Bitcoin price holding steady above $20,000.00 and even above $21,000.00, the bullish scenario remains dominant. There we see that the next strong resistance at the 200-week moving average lies at a price of $22,500.00.
If the BTC price manages to break this one we find the next resistances at $22,800.00, $23,200.00, $24,000.00 and $25,000.00.
Today’s Elliott Wave analysis seems to indicate that a price rise to $ 25,000.- is possible.
On the other hand, the market is not strong and the resistances are there for a reason.
If these resistances prove to be too strong and the Bitcoin price remains below $22,500, the way for a bearish correction lies open again. We should then prepare for a decline towards the support level at $19,065. If this support level proves to be insufficient, the way is open for a further decline in the price up to $ 11,898.
The expectation is that such a movement will not happen in one weekend. However, the market does indicate a lot of volatility. With that, it makes sense to look at how to make money in an uncertain crypto market.
Want to stay up to date on the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”