After the mid-may crash initiated by China, Bitcoin had to go through a very rough patch; it tried its very best to be able to overcome the $45K resistance but couldn’t and was flashing in and out of the $45K resistance setting for $44K most of the times or even lower. But then, eventually, after a few months, Bitcoin finally managed to break the $45K resistance and came all the way across $50K, only short of a few hundred dollars. Since then, Bitcoin has managed to not only cross the $50K but get very close to its previous all-time high.
At the time of writing, the cryptocurrency is almost trading at about $60K, and there are even hopes for a bullish run accompanying the crypto all the way to achieve a new all-time high. There is even a talk of a new Bitcoin ETF approved by the Securities and Exchange Commission, well it is not approved yet, but the Commission is to announce its decision on the applications soon. This might prove to be a game-changer for the crypto community and definitely for the flagship cryptocurrency.
But before even that could happen, many traders and institutional investors have jumped into buying Bitcoin and investing heartily into it. The whales, which are considered to be the biggest supporters of the idea of decentralization and flagship cryptocurrency, have poured in a very generous investment into the crypto market over the course of the last few days. It appears that more than 250 whales have joined the network since September. The very reason for this fine number of Bitcoin whales is because of the exchange outflows that are also increasing.
When traders and investors want to guess the market, such as how it is doing, they move their stash from the exchanges into their wallets and hold them there. As a result, new spots have opened up within the crypto market, and more able investors and holders are joining the crowd; this also means that the market capitalization of Bitcoin will definitely see a solid increase in the upcoming future. If the market continues on the path that it is at present, then it will definitely mean that there is some huge bullish approach coming to accompany the cryptocurrency, which is Bitcoin.