Bitcoin (BTC) price has remained above the $30,000 level in the last 24 hours, trading at $30,231 at the time of writing. BTC has marginally recovered from the recent market crash, rising 2.3 percent in the last 14 days, according to data on CoinGecko.
For last several weeks, Bitcoin has been stuck around $28,000-$30,000 price level. Its correlation with the traditional markets also seem to be declining recently, according to experts who say it would be good if this happens.
“Though BTC saw a slight surge, the digital asset was back trading near the $30,000 level. Though BTC has been moving in tandem with the equities market, its correlation to the S&P 500 index has declined over the past month,” Darshan Bathija, CEO and Co-Founder of crypto exchange Vauld said.
“If the crypto markets can move away from being correlated to traditional markets, it would be a highly optimistic signal,” he added.
Bitcoin price is currently down almost 34 percent since the start of this year.
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Experts say buyers are currently accumulating BTC and if they manage to keep it above $32,000 then the price may move upward to $34,000 by the end of this month.
“After swinging above $31,536 on Wednesday, Bitcoin has been down by nearly 3% over the past 24 hours. BTC is currently down by almost 34% since the beginning of the year and 56% down from its all-time high. If buyers can manage to keep BTC above US$32,000, we may likely see an upward move to US$34,000 by the end of June,” Edul Patel Co-Founder and CEO of crypto investment platform Mudrex said.
50,000 Bitcoins leave exchanges
More than 50,000 bitcoin is believed to have left the exchanges in the last week as BTC accumulation intensifies.
“Bitcoin remained more or less neutral throughout the past week, consolidating around the $30K levels. The last couple of days were dominated by sellers on exchanges. Interestingly, data from Santiment indicates that over 50,000 Bitcoins, amounting to $1.5 billion, have left the exchanges in the last week as the accumulation of BTC intensifies,” analysts at WazirX Trade Desk shared in a note.
“The daily trend for Bitcoin continues its movement within the descending channel pattern with $40,000 being a key resistance. An immediate support for BTC is expected at $26,800. The daily RSI dropped marginally to fall below the 50 mark still remaining at a fairly neutral level,” they added.