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Bitcoin is forming its fourth consecutive daily growth candle. Bulls continue their attempts to secure a foothold above the $107K level. While the first cryptocurrency has briefly reached higher levels, it has yet to establish a sustained hold above them.
Last week, there was a stabilisation around $103k, which now looks like a foundation for further growth. The realistic near-term target for the bulls looks to be the area of 113, which would be an extension to 161.8% of the growth impulse from early May and the subsequent mini correction at the beginning of last week.
Bitcoin’s upward move is gradually waking up altcoins, although they still have considerable room to rise to previous highs, making them increasingly attractive to retail traders. The trend of a weakening dollar can also be seen as a breeding ground for growth.
Crypto News
On-chain signals and market data for Bitcoin remain constructive. Buying sentiment continues to support further growth, indicating that it may not yet be time to cash in, according to CryptoQuant.
Strategy bought an additional 7,390 BTC ($764.9 million) last week at an average price of $103,498 per coin. The company now owns 576,230 BTC bought at an average price of $69,726. The total investment is valued at $40.18 billion.
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