200 DMA reached ATH above $50,000. This indicates that Bitcoin is “stronger than ever,” said Pomp Investments founder Anthony Pompliano.
Bitcoin's 200 day moving average just hit a new all-time high.
GBTC saw the first day of inflows in 78 days.
Don't get lulled to sleep by bitcoin going sideways. The long-term thesis is as strong as ever.
Here is my segment on @SquawkCNBC this morning. pic.twitter.com/BG6GkzqVIi
— Pomp 🌪 (@APompliano) May 6, 2024
Analyst and co-founder of CMCC Crest Willy Wu paid attention to the whale activity.
Never has there been such a buying spree by high net worth #Bitcoin holders as has happened in the last 2 months with BTC ranging between 60-70k.
These are the guys holding between 100 and 1000 BTC or roughly $6.5m – $65m of BTC. pic.twitter.com/oUuqD5UNdG
— Willy Woo (@woonomic) May 7, 2024
CryptoQuant recorded low activity among owners of 1000-10,000 BTC. According to analysts, this group of participants usually provides significant downward volatility in the market.
From this observation, experts made two assumptions:
- They may not want to sell yet as the cycle continues to progress.
- There is a demand for OTCcapable of absorbing large volumes of sales even without deposits on exchanges once the ETF is approved.
MN Trading founder Michael van de Poppe pointed out the key nature of the $60,500 support.
Source: Cryptocurrency
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