Bitcoin analysis

BTCUSD started the week off with an abrupt bullish breakout to $37,500, a level most analysts have identified as a crucial ‘line in the sand’, but the rally was short-time as BTC met selling near the lower arm of the bearish pennant that can be seen on multiple timeframes.

Meanwhile, most of traders are concerned that the 2021 bullish market is now over and considering whether gains should be locked in, on-chain data shows that long-term BTCUSD holders have been accumulating in preparation for a potential 2013-style double-pump that has the potential to elevate BTC to a fresh all-time high.

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