Bitcoin “wallet flows” indicate a strong support at $54,000 and a possible move to a new all-time high.
Increased trading volume on South Korean exchanges contributes to rising altcoin prices.
Bitcoin price is currently showing a small retracement while losing market share to altcoins. At the time of publication, Bitcoin was trading at $57,680 with a slight loss of 2.8% on the daily chart. On the weekly and monthly charts, BTC is up 3.4% and 18.4% respectively. The market capitalization remains above $1 billion.
Trader “Teddy” believes that the current price action has positioned Bitcoin at a crucial level. According to his analysis, the cryptocurrency is retesting its exponential price action (EMA), a metric that focuses on recent price fluctuations, from the last 21 days. Teddy finds a “notorious resistance point” at current levels. He pegged the low 40,000’s as support. The trader added, “If you bounce from here, you’re going to find a Lambo on your tree.”
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