Bitcoin Hits $60k as Market Indicators Show Signs of a Bull Market — Santiment

Bitcoin has risen to $60,000 regaining a price that it had earlier touched in the last days of August. The leading cryptocurrency reportedly passed a 3%, by the report from CoinMarketCap. volumes increased by about 98% on Friday taking the week’s performance to a high five. Blockchain analytics firm Santiment offered important clues that explained the changing market dynamics which could support further Bitcoin price appreciation and ignite the entire crypto market.

Data on the bitcoin accumulation, as well as exchange outflows, indicates that sentiment is bullish.
Last Friday, X pointed out in its post some of the essential factors within the Bitcoin (BTC) market that may attract more retail investors.

Accordingly, the on-chain analytics team reported that whales and sharks continue to accumulate Bitcoin. Such big investors with ten or more BTC have been able to purchase about 28,500 BTC in the last ninety days. This has accorded their total acquisition to the figure of sixteen. 18 million BTC that is approximately to be valued $978. 29 billion. Such an accumulation, especially during the bear markets, is an indication of the expressiveness of Bitcoin profitability in the future.

Santiment also pointed out that exchange supply of Bitcoin has also reduced. A decline in exchange balances suggests that investors are transferring their tokens to personal Buckets most likely in preparation for a price rise. In the last three months, 75,000 BTC which is roughly $4. The total exchange balance has been cut down to 1 with 54 billion has been withdrawn from the exchanges. 86 million BTC.

These two points that include whale accumulation and low supply in the exchanges are indicating that Bitcoin and the rest of the crypto market are staging for the upcoming huge bounce in new price.

Such bullish divergence considered when analyzing charts indicates that there may be an altcoin rally in the near future.

At the same time, as was noted by crypto analyst Michël van de Poppe, there is a significant buy-side divergence on the chart of the TOTAL3/BTC – the rate of all the altcoins except Ethereum. Such divergence indicates that bear pressure is fading off, and altcoins could be preparing to outperform Bitcoin at any time.

Van de Poppe has long predicted that altcoins could surpass Bitcoin in terms of dominance and performance in the coming months, aligning with current market dynamics.

As of now, Bitcoin trades at $60,369, with a 4.25% gain in the last 24 hours, while the total crypto market cap stands at $2.1 trillion, following a 2.55% increase.

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