#BTC Bitcoin's current position is bullish, with a 1.01% increase over the last 24 hours, bringing its price to $85,216.27. This upward trend is supported by several factors ¹:
- *Increased Buying Activity*: Large Bitcoin investors, or 'mega whales', are actively buying, with an Accumulation Trend Score of approximately 0.7, indicating a strong accumulation phase.
- *Long-term Holder Confidence*: Despite recent price dips, long-term holders continue to maintain their positions, showcasing confidence in Bitcoin's value.
- *Technical Indicators*: Bitcoin has formed a double bottom around the significant support zone near $74,000, and a breakout above the upper boundary of a falling wedge pattern suggests potential for further growth.
However, some analysts predict a potential bearish move if the price stays below $85,800, with possible targets at $81,800, $79,800, and $76,000. Others note that Bitcoin's price has seen significant fluctuations and may be due for a correction ².
*Key Statistics:*
- *Current Price*: $85,216.27
- *24-hour High*: $85,597.70
- *24-hour Low*: $84,298.88
- *Market Capitalization*: $1.69 trillion
- *24-hour Trading Volume*: $13.53 billion ¹
