Weekly Close Above $93,500 Signals Accumulation Phase
Another key point that has led to the belief that Bitcoin is in an accumulation phase was its weekly close above the $93,500 threshold.
As analyst Rekt Capital noted, this level acts as an important support mark, which means that Bitcoin price is maintaining strong market support on this level. This means that the re-accumulation phase remains intact and Bitcoin is preparing to break out of the current range.
A critical level to watch for breaking Bitcoin price out of accumulation will be $104,500. Additionally, Rekt Capital noted that a close above this level would signify a clear breakout from the range and would open the doors for more potential prices.
As analyst Ali Martinez points out, movement in BTC price has shown a close correlation to global liquidity trends, with higher liquidity usually translating into vigorous upward momentum for the cryptocurrency market.
With global liquidity on the rise, it could be more likely that Bitcoin’s price will follow suit and break out toward $104,500.
