The Bitcoin market is going through a certain trajectory, as traders are constantly pumping money, despite the correction. According to the latest data, bitcoin kits and several institutional players bought into the recent fall of bitcoin, buying much larger sums. Large purchases remained consistent, setting up the world's largest cryptocurrency asset for larger gains.
According to a March 9 tweet from the on-chain analysis outfit, Material Indicators, Binance sees a significant increase in the number of orders to buy Bitcoin worth at least $100,000. This upward trajectory on the world's largest stock exchange platform by volume captures new record highs for the company.
During the recent fall, most of the influx to the market was from whales and agencies. For the first time in Bitcoin's history, purchases worth more than $100,000 were more frequent than small purchases. The number of small purchases has decreased significantly since the beginning of 2021. This development confirms the fact that bullish purchases eat up the liquidity of assets in the market. Nowadays, many market players believe that the current trajectory of buying whales may cause some shortages, but later than before.
The recent movement of bitcoin has also raised some concerns. Material indicators have recently held the view that whales can bring down prices by unloading their positions. In principle, as prices rose, well-known players could sell off their funds. According to the analytical service, this could cause another surge of up to $58,000, followed by a similar 25 percent decline.
The fall of bitcoin and market movements
Coinbase Pro recently sold almost 12,000 BTC. According to analyst Lex Moscow, 11,554 bitcoins left Coinbase shortly before the recent surge. Describing it as a "pleasant coincidence," Moscow draws a line between trade and subsequent surge.
Whether it was caused by the fall of bitcoin or not, the continuous bullish run deserves praise as an excellent incentive for institutions. While these institutional players cannot abandon traditional channels, there is more confidence that playing in the bitcoin market will bring significant profits.
Bitcoin is currently trading at $54,722 after a 24-hour rise of 1.44%, and appears to have found support at $50,000. According to the analysis, the next resistance level of the royal coin is at $54,000. Typically, if Bitcoin keeps pushing above $50k, it will be well on its way to set new resistance at its current record high of $58k.
Despite this, Bitcoin's upward trajectory seems stable. Still above its 50-day weighted moving average, there is a lot of optimism in the bitcoin market.
There is also the Biden administration's recent bill to promote COVID-19 worth $1.9 trillion. It is expected that the adoption of the stimulus bill will be bullish for Bitcoin, if history repeats itself. Back in March, the Trump administration paid incentive checks to people who dumped funds on the bitcoin market. A recent move could easily lead to Bitcoin retesting $58,000 soon.