- Bitcoin (BTC) has been rapidly increasing in value since the beginning of the year.
- BTC bulls have managed to keep the price around the $27K to $28K level in the first quarter of 2023.
- BTC’s current price is $29,193.79, with a 24-hour trading volume of $18,026,731,750.
Since the beginning of the year, Bitcoin (BTC) has been rapidly increasing in value, attracting investors and traders in the cryptocurrency market. This follows a bumpy trend last year that caused the price of BTC to plummet to the $15K level.
However, BTC bulls have recently managed to keep the price of the BTC token around the $27K to $28K level, which has acted as a level of consolidation for the queen of cryptocurrencies in the first quarter of 2023.
Over the past 7 days, the BTC market has experienced ups and downs, with Bitcoin prices having a mixed reaction. However, since yesterday, the leading cryptocurrency by market cap has proven its power by being on the green pastures.
Many crypto experts have come out to predict the price of Bitcoin for this week due to the current bullish strength in the BTC market. One of these experts is Mati Greenspan, a Web3 builder and Bitcoin investor. According to his predictions, BTC’s price is projected to break its current resistance level of $29 and establish new price highs of $33K by Thursday.
Currently, BTC is showing a 3.69% increase in price, with one BTC trading at $29,193.79. The 24-hour trading volume for BTC stands at $18,026,731,750, reflecting a significant increase of 66.92% compared to the previous period. Furthermore, BTC’s market cap currently sits at $565,099,748,137.
Large Players Begin Accumulation Strategy
As BTC market volatility and trading volumes decrease, the expected retracement has not occurred. However, some analysts suggest that this may be due to large players starting their accumulation strategies amidst heightened banking risks.
According to industry expert Mati Greenspan, when big whales accumulate BTC, they tend to place entry orders below the current price. This strategy inadvertently backstops the price from going down and prevents them from sending it up.