Bitcoin Surges Above Key Support Level Amid Rising Demand

Bitcoin has reclaimed a crucial support level, indicating strong demand in the current price range. Of the addresses active in the past 24 hours, 237,000 have acquired Bitcoin between $61,000 and $62,600, highlighting the significant buying interest at these levels.

A major milestone has been achieved in the Bitcoin market, with the number of wholecoiners (investors holding at least 1 BTC) surpassing 1 million. This surge in wholecoiners coincides with a notable increase in institutional demand for Bitcoin, driven by its appeal as a store of value and its limited supply. With a fixed supply of only 21 million Bitcoins, the growing interest from both institutional and individual investors is likely contributing to a reduction in available supply, further driving up demand.

Analyst Ali Martinez notes that the TD Sequential indicator on the Bitcoin 1-hour chart is presenting a buy signal, predicting a rebound of one to four hourly candlesticks for BTC. This technical indicator suggests a potential short-term increase in Bitcoin’s price.

German Government Moves Bitcoin and Ethereum 

In other developments, the German and US governments have recently moved significant amounts of Bitcoin and Ethereum to centralized exchanges (CEX) and new wallets. The German government transferred 1,500 BTC ($94.7 million), with 400 BTC ($25.3 million) going to Bitstamp, Kraken, and Coinbase. They currently hold 44,692 BTC, valued at approximately $2.81 billion.

Meanwhile, the US government moved 3,375 ETH ($11.75 million) to a new wallet, identified as “0x5ac.” Their current holdings amount to 49,320 ETH, worth about $172 million.

These movements by government entities and the increasing demand from institutional and individual investors underscore the robust interest in Bitcoin and its potential for continued growth.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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