Bitcoin Hits $60,000 As Market Conditions Align For Crypto Price Surge: Santiment

Bitcoin has hit the $60,000 price mark, recovering a price level last seen since August 29. Based on data from CoinMarketCap, The crypto market leader moved by 3.98% on Friday, capping off a rather impressive weekly performance. Commenting on this price gain, prominent blockchain analytics company Santiment has provided insight into shifting market dynamics that may result in a sustained price rally for Bitcoin and other cryptocurrencies. Related Reading: Bitcoin On-Chain Health Remains ‘Net Positive’: ARK Invest Report Bitcoin Accumulation, Exchange Outflow Signal Bullish Sentiment In an X post on Friday, Santiment shared key developments in the BTC market that could encourage retail investors’ participation in the coming weeks. The on-chain analytics team reported consistent levels of massive accumulation from BTC whales and sharks. When large-scale investors such as these consistently purchase a massive amount of an asset, especially during downturns or turbulent periods, it indicates confidence in the asset’s long-term profitability.

Sep 14, 2024 - 22:00

Bitcoin Hits $60,000 As Market Conditions Align For Crypto Price Surge: Santiment

Bitcoin has hit the $60,000 price mark, recovering a price level last seen since August 29. Based on data from CoinMarketCap, The crypto market leader moved by 3.98% on Friday, capping off a rather impressive weekly performance. Commenting on this price gain, prominent blockchain analytics company Santiment has provided insight into shifting market dynamics that may result in a sustained price rally for Bitcoin and other cryptocurrencies.

Bitcoin Accumulation, Exchange Outflow Signal Bullish Sentiment

In an X post on Friday, Santiment shared key developments in the BTC market that could encourage retail investors’ participation in the coming weeks.

The on-chain analytics team reported consistent levels of massive accumulation from BTC whales and sharks. When large-scale investors such as these consistently purchase a massive amount of an asset, especially during downturns or turbulent periods, it indicates confidence in the asset’s long-term profitability.