Bitcoin continues to attract the attention of the financial community, reaching a new record of $113,804. Analysts emphasize the lack of selling pressure and the activity of major investors.
Bitcoin Sets New Record
Earlier today, Bitcoin reached a new all-time high of $113,804, extending its streak of record peaks. Renowned technical analyst John Bollinger commented that the cryptocurrency was 'setting up for a breakout' as BTC approached the hard-to-crack $110,000 level.
Low Selling Pressure
Despite hitting a fresh all-time high, selling pressure remains extremely low. According to CryptoQuant, exchange flows are nearing their lowest level in almost a decade. Analytics firm Santiment has also confirmed that traders are currently showing 'eagerness' to move tokens to exchanges, despite Bitcoin's impressive price increase.
Actions of Major Investors
In the meantime, a mysterious whale has increased his long position to 3,000 BTC. With a risky leverage of 20x, the value of the position currently stands at $340 million, with the whale sitting on a floating profit of $13 million.
The overall market situation for Bitcoin indicates steady growth and low selling pressure, suggesting potential opportunities for further increases.
