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Bitcoin (BTC) Price Could Surge To $22,400, Here’s Why

Manoj Nair



Bitcoin (BTC)

Finally, Bitcoin (BTC) Price is out of the $19K rut and has surpassed the $20K level today. For weeks the numero uno crypto asset had languished below the $20K benchmark. Experts predict that BTC could rally and surge above the $22,400 mark, and many factors will contribute to this optimism.

Whale accumulation, falling trading volume in traditional markets, a scarcity of BTC tokens in exchanges, and the fall in the U.S. dollar are all factors that will help the value of Bitcoin (BTC) Price to rise.

Bitcoin (BTC) Price Anticipates Bullish Push

Bitcoin (BTC) Price has jumped by 5% in the past day, and when reports last came in were trading at 19,992.67. The 24-hour low and high are $19,138.97and $20,150.40, respectively.

One of the significant factors which are driving the BTC values higher is the U.S. dollar index rising 20-year high of 114.78. However, the DYX index tanked to 111, and this helped a healthy recovery in the crypto asset market. A weak dollar is often beneficial for the crypto sector. Credit Suisse is provoking investors to seek refuge in Bitcoin.

The linkage between Bitcoin and the U.S. Equities market is evident. BTC’s price movement and the stock market’s trading volume are intricately linked and dictate the direction of the crypto asset. Another benchmark that determines the bullish and bearish scenarios for Bitcoin is the US Stock Market Volume Depth oscillator.

Bitcoin Price and TradFi Volume Depth. Source: CryptoQuant

The Market Volume Depth Oscillator is one of the best indicators of the BTC price movement, and whenever its values reach below 0, the BTC price recovers from low levels. According to TradFi, if the market volume declines again, one can expect the BTC values to reach the $21,500-$24,500 range.

The data received from Santiment reports a continuous fall in Bitcoin supply on exchanges. The Bitcoin supply on sales has fallen to its lowest limits in four years. Only 9% of BTC are on the deals for the first time since 2018. It is also indicative of increased trader confidence in BTC values and indicative of less market-wide selloff risk.

Bitcoin Supply on Exchanges. Source: Santiment

Data received from Whale Alert data also points to a surge in BTC hoarding since the beginning of this month. In the last three days, a whopping 30,000 BTC has been transferred from crypto exchanges to whale wallets.

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