Bitcoin's price made a rapid surge in the past week, reaching a peak of 31,458 BTC/USD. However, there are indications that the price of BTC may increase further in the future based on positive factors.
Some analysts believe that the recent surge of over 21.5% in the price of Bitcoin within the past 11 days, in addition to BlackRock filing for a Bitcoin spot ETF, may be influenced by other events. For example, HSBC Bank launched cryptocurrency services in Hong Kong for the first time and the increased involvement of regulatory agencies in the United States with a more principled approach towards cryptocurrencies, making it easier for investors to borrow money.
Recently, Glassnode, an online analytics provider, reported a continuous decrease in the number of Bitcoin whales. The reduction in the number of whales is considered positive because the distribution of assets to smaller wallets is seen as a decentralization of power and reduces the risk of market manipulation by whales.
The criteria used to count the number of Bitcoin whales is wallets holding 1,000 BTC or more. Glassnode reported that the number of Bitcoin whales is at its lowest since the market peak in 2021, with a recorded number of 2,169 whales holding more than 1,000 BTC. However, the current number stands at 1,672 whales, a decrease of 23% or 497 whales.
The rapid decrease in the number of whales occurred predominantly in the first half of 2021 and remained stable until May 2022. This decrease followed a major market crash caused by the collapse of the Terra/Luna ecosystem in that month. Despite the increasing price, the number of Bitcoin whales has remained at its lowest level in three years.
In addition to the aforementioned news, Riot Blockchain, one of the world's largest Bitcoin mining companies, announced the purchase of Bitcoin mining machines from MicroBT to launch a mining facility in Texas. The total number of machines purchased was 33,280, with a value of over $162.9 million.
These new mining machines will be delivered directly to Riot Blockchain in December, and the installation of all machines is expected to be completed by mid-2024. Riot Blockchain has confirmed that these new machines will be deployed in the first quarter of 2024, prior to the next Bitcoin Halving scheduled for mid-2024.
Jason Les, CEO of Riot Blockchain, stated on June 26th that the company's mining capacity will increase to 20.1 EH/s after installing over 33,280 mining machines in the first quarter of 2024. These new machines will contribute an additional 7.6 EH/s to the company's mining capabilities.
Resistance: 30493.4, 30631.7, 30789.4
Support: 30197.4, 30039.7, 29901.4
Source: Investing.com| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 29901.4 | 30039.7 | 30197.4 | 30335.7 | 30493.4 | 30631.7 | 30789.4 |
| Fibonacci | 30039.7 | 30152.8 | 30222.6 | 30335.7 | 30448.8 | 30518.6 | 30631.7 |
| Camarilla | 30273.6 | 30300.7 | 30327.9 | 30335.7 | 30382.1 | 30409.3 | 30436.4 |
| Woodie's | 29911.0 | 30044.5 | 30207.0 | 30340.5 | 30503.0 | 30636.5 | 30799.0 |
| DeMark's | - | - | 30118.5 | 30296.2 | 30414.5 | - | - |
Buy/Long 1: If the price touches the support range of 30039.7 - 30197.4 but fails to break the resistance at 30197.4, you may consider setting a TP around 30631.7 and a SL around 29901.4 or according to your acceptable risk level.
Buy/Long 2: If you manage to break the resistance range of 30493.4 - 30631.7, you may set a TP around 30789.4 and an SL around 30039.7 or according to your acceptable risk level.
Sell/Short 1: If the price touches the resistance range of 30493.4 - 30631.7 but fails to break the resistance at 30493.4, you may consider setting a TP around 30039.7 and an SL around 30789.4 or according to your acceptable risk level.
Sell/Short 2: If you manage to break the support range of 30039.7 - 30197.4, you may set a TP around 29901.4 and an SL around 30631.7 or according to your acceptable risk level.
| Name | Value | Action |
| RSI(14) | 50.736 | Neutral |
| STOCH(9,6) | 97.728 | Overbought |
| STOCHRSI(14) | 0.000 | Oversold |
| MACD(12,26) | 300.200 | Buy |
| ADX(14) | 37.035 | Sell |
| Williams %R | -3.692 | Overbought |
| CCI(14) | -113.7671 | Sell |
| ATR(14) | 380.2143 | Less Volatility |
| Highs/Lows(14) | 0.0000 | Neutral |
| Ultimate Oscillator | 58.588 | Buy |
| ROC | -1.008 | Sell |
| Bull/Bear Power(13) | -542.5280 | Sell |
|
Buy:2 Sell:4 Neutral:2 Summary:Sell |
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