Fueling the Fire
Crypto Compass 69
“In the short run, the market is a voting machine. In the long run, it is a weighing machine.” - Benjamin Graham
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Over the last week BTC has been quiet, settling around $35k, with altcoins leading the crypto market rally over the weekend. Despite minor price fluctuations, a 16% rise in trading activity indicates strong buying demand, paving the way for continuing stability and potential price gains.
Key levels to watch include $34.314k, $34,714k, and $35,119k. These levels reflect the pricing range's low, mid, and high points. As long as BTC has a positive short-term momentum, it may continue to swap gears until it reaches the psychologically crucial milestone of $40k.
BTC market demand has surpassed market supply, confirming the strong positive momentum. In a single day, over 700,000 new BTC addresses were added. This expansion of the bitcoin network is often regarded as one of the most dependable indications for price forecasting.
Because there are fewer BTC coins available right now, purchasers may have to raise their bids to get their orders filled fast. This could unwittingly boost the BTC price above $40k soon.