XRP, Shiba Inu, Solana, Cardano New Mega Bull Cycle On as Whales Buy Up 71,000 BTC In A Week ⋆ ZyCrypto

General

In
a
significant
move
reflective
of
renewed
bullish
sentiment,
Bitcoin
whales
have
acquired
a
staggering
71,000
BTC
worth
around
$4.2
billion
over
the
past
week.

According
to
a
Saturday
tweet
from
crypto
analytics
firm
IntoTheBlock,
large
holders
of
Bitcoin
capitalized
on
the
recent
price
corrections
to
bolster
their
positions
significantly.

This
surge
in
accumulation
follows
a
period
of
volatility
that
saw
Bitcoin’s
price
dip
to
$53,800
on
July
6th,
only
to
rebound
in
the
past
week
swiftly.

Notably,
the
timing
of
these
whale
purchases
aligns
with
recent
market
developments
and
expert
analyses
predicting
the
onset
of
a
new
bullish
cycle
for
Bitcoin.
On
Sunday,
analyst
Michael
van
de
Poppe,
founder
of
MN
Trading,
pointed
to
Bitcoin’s
resilience
and
its
potential
role
as
a
hedge
against
global
uncertainties,
suggesting
that
the
top
crypto
asset
could
be
starting
a
new
bull
cycle.

“Bitcoin
just
started
a
new
cycle.
BlackRock
already
mentioned
that
‘Bitcoin
is
a
hedge
against
global
uncertainty’.
Similar
to
what
Gold
was
in
the
1930’s.
The
assassination
attempt
on
Trump
confirms
this.
The
World
Order
is
changing,
and
Bitcoin
is
our
solution.”
Wrote
Michael.

Elsewhere,
popular
analyst
Ali
Martinez
observed
bullish
indicators
such
as
the
formation
of
an
ascending
triangle
on
Bitcoin’s
four-hour
chart
following
Bitcoin’s
recent
relief
rally.
In
a
Saturday
tweet,
the
pundit
noted
that
a
breakout
above
the
$59,200
resistance
level
could
fuel
a
potential
rally
towards
$63,800,
contingent
upon
sustained
market
momentum.

However,
in
a
subsequent
tweet,
the
pundit
cautioned
that
Bitcoin
remains
below
its
200-day
simple
moving
average
(200
DSMA),
suggesting
potential
for
further
decline.
Emphasizing
the
need
for
a
sustained
breakout
above
this
level,
he
highlighted
that
confirming
a
prolonged
uptrend
hinges
on
this
crucial
development.

Meanwhile,
analyst
Crypto
Tony
expressed
optimism
regarding
Bitcoin’s
ability
to
reclaim
$60,500,
identifying
it
as
a
pivotal
threshold
for
bolstering
bullish
momentum.

At
the
time
of
reporting,
Bitcoin
was
trading
at
approximately
$59,984,
reflecting
a
2.3%
increase
over
the
past
24
hours
and
restoring
its
market
capitalization
to
about
$1.18
trillion.
Notably,
the
attempted
assassination
of
Donald
Trump
earlier
on
Sunday
triggered
an
immediate
response
in
the
crypto
markets,
propelling
Bitcoin
to
$60,300,
its
highest
in
10
days.

Analysts
from
Santiment
noted
a
bullish
sentiment
surrounding
political
events.
The
cryptocurrency
community
reacting
positively
to
Trump-related
news
ahead
of
the
November
elections
suggests
potential
further
surges
in
Bitcoin
before
then.