Bitcoin Formes “Black Thursday” Buy Signal, Why It Could Lead To $100K

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Bitcoin has returned to the previous week’s levels. At the time of writing, BTC trades at $54.882,07 with a 1.9% profit in the daily chart. In the weekly and monthly chart, BTC shows sideways movement. The bears seem to have failed in their assault and BTC moves towards new highs. BTC with signs of recovery in the daily chart Source: BTCUSD Tradingview CryptoQuant CEO Ki-Young Ju stated that Bitcoin’s recovery is related to an increase in whales’ activity. When BTC’s dropped below $47,000, a critical area of support, whales took long positions. This is evidenced by the rise in BTC’s supply on derivatives exchange platforms. Young Ju said: Average amount of BTC flows from all exchanges to derivative exchanges increases, which means whales sending BTC to derivative exchanges. Whales punt long in futures/options contracts. BTC price is likely to go up as whales are buying. As shown in the chart…

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