Analysts think Bitcoin’s uptrend will continue

On March 23, Bitcon (BTC) bears managed to pull the price of the coin below the $ 54k support. On-chain data shows that whale wallets slow down purchases and transfer risk to individual investors.

Bitcoin’s downtrend started on March 22, and the coin tested $ 54K support for the second time on Tuesday, according to data from Cointelegraph Markets and TradingView.

Bitcoin Price Index: How much is 1 Bitcoin in TL? (BTC TL)

4-hour chart of the BTC / USDT pair. Source: TradingView

Coinshares data shows that BTC continues to be the preferred asset of institutional investors. The value of BTC, controlled by organizations, has increased significantly, reaching $ 57 billion.

The uptrend continues

While inexperienced and new entrants can see this decline as the beginning of the bear market, Cointelegraph Markets analyst Michaël van de Poppe thinks this drop is a development that will drive Bitcoin up.

Data from on-chain data source CryptoQuant shows that a total of 14,600 BTC was withdrawn from Coinbase in the first hours of March 23. The decrease in supply on exchanges is seen as a positive sign among crypto investors.

BTC exits from Coinbase Pro. Source: CryptoQuant

While there is no way to verify that these BTCs from Coinbase were attracted by whales, an analysis by Whalemap shows a substantial amount of savings of $ 55,000. On the other hand, analysts warned that if the current support fails, the next support is at $ 47,438.

Entries to major BTC wallets. Source: Whalemap

On the other hand, Bitcoin rose 3.5 percent to $ 56,240, when Tesla announced on the morning of March 24 that it would start accepting Bitcoin payments.

The total market value of crypto currencies was $ 1.75 trillion, while Bitcoin’s dominance was 59.9 percent.

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