Why Bitcoin Can Likely Break High in the Coming Weeks

Why Bitcoin Can Likely Break High in the Coming Weeks

Though market Indicators suggest limited upsides towards $40,000 price levels as resistance remains strong, amid reports that some leading multinational banks have plans on issuing Crypto brokerage services to their high-net-worth clients coupled with Google recently lifting a ban on Crypto ads.

It's important to observe the Crypto-verse is still having some anxious moments with many investors' minds wondering if the brief bearish market trend will resume on the account of the record sell-offs recorded few weeks ago, yet data reports that show the Bitcoin market is presently in a re-accumulation phase.

Data retrieved from Glassnode reveal long-term investors spending patterns appear unaffected by the record sell-offs seen in the month of May coupled with the fact that the rapid price swings of their spending volumes had actually decreased suggesting this type of investors are generally unwilling to liquidate Bitcoin at its present price levels.