MarketsTrading

Markets Lift Bitcoin, Leaving Ethereum for the Bears

Chinese tech giant Meitu announced the additional purchase of 386 BTC and 16,000 ETH. While the spike in buying upward pressure was quickly reflected in prices, Bitcoin and Ethereum present opposing outlooks.
Bitcoin Whales Make Network Splash
Bitcoin’s impressive price action has been contained within an ascending parallel channel since late December 2020.
Each time BTC has risen to this technical formation’s upper boundary since then, it gets rejected and retraces to the lower edge. From this point, it tends to rebound, consistent with a channel’s characteristics.
Following the recent retest of the channel’s middle trendline, Bitcoin bounced off this support level and avoided a steep correction to $46,000.
Given institutional investors’ rising interest, it is reasonable to assume that a spike in buying pressure could see BTC rise towards the channel’s upper boundary at $70,000.
BTC/USD on TradingViewWhen looking at the capital movement of holders who own millions of dollars of Bitcoin, colloquially known as whales, the odds seem to favor the bulls. 
The number of on-chain transactions with a value greater than $100,000 has risen by nearly 37% over the past ten days. Indeed, large transactions have increased from a low 19,000 on Mar. 6 to nearly 27,000 transactions per day. 
Historical data suggests that when the number of large transactions on the Bitcoin network starts to increase, prices follow. If this metric pushes for higher highs, BTC will be on track for a new price record.  
Large ETH Transactions by IntoTheBlockIntoTheBlock’s In/Out of the Money Around Price (IOMAP) model …
Story continues on Crypto Briefing

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