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Bitcoin has struggled for months since the mid-May crash to be able to claim the $60K resistance but failed time overtime miserably and was stuck at $45K for many months. But now, Bitcoin has finally taken the $59K resistance of the speculative charts by dominating the market and running a little bullish than usual. Bitcoin first approached the $50K support and then managed to get all the way to $55K and now $59K; it is only a matter of time until the flagship cryptocurrency crosses $60K and rolls towards taking home another all-time high.
It seems that resistance is getting easier and thinner by the day; the whole market is in a perplexing situation, thinking about what would happen if Bitcoin managed to take its all-time high back. Would it become invincible? Would it go on to score higher resistance levels as proposed by various data analysts and crypto enthusiasts over the years? No one knows, but at the moment, Bitcoin is basking in the skylight of its own victory within the crypto market today. Bitcoin has already managed to cross all the major resistance levels, and it seems that only little remains in the way of Bitcoin reaching its previous all-time high or even managing to dominate it.
Whales and Dominant Investors are Active
The only hurdle that Bitcoin is facing at the moment to be able to secure its previous all-time high is the sell-wall. According to the CEO of on-chain analytics from CryptoQuant, Ki-Young Ju, the recent surge that Bitcoin has enjoyed regarding its price is not the result of shorts being squeezed or speculators; it is the large volume buyers being generous on the derivatives platforms. Another thing that is important to note here is the behaviour of whales and dominant investors within the Bitcoin market.
As the price is reaching the previous all-time high for Bitcoin, would these players be willing to let go of their Bitcoin tokens and cash in the profit proposed by the market, once again plummeting the price of Bitcoin and making it fall short? No one knows what would be the behaviour of institutional investors as Bitcoin makes strides to reach its previous all-time high, but one can only hope that investors would tie their reigns off and wait for more handsome returns from Bitcoin, allowing it to stabilize.