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Recent shifts in the Bitcoin 
$84,527 market have brought attention to former BitMEX CEO Arthur Hayes’ positive stance towards Bitcoin and the significant buying activities of major traders. Hayes has indicated that instead of diversifying into altcoins, he is increasing his Bitcoin position, suggesting the possibility of Bitcoin’s market share rising to approximately 70% dominance.
Focusing Solely on Bitcoin
In his social media posts, Hayes has made it clear that he is not investing in altcoins and is dedicated to Bitcoin. This perspective aligns with a belief that central bank monetary policies will favor Bitcoin. His approach is encapsulated in the following statement:
“I am fully engaged in my Bitcoin position, and I will continue this stance. Our investment area does not include altcoins; Bitcoin dominance is trending towards 70%.” – Arthur Hayes
According to on-chain analysis firm Glassnode, there is a notable increase in Bitcoin purchases among large investors. Those holding over 10,000 BTC have reached an almost ideal buying score by the end of the month, reflecting active buying from significant market players.
Glassnode’s data reveals distinct behavioral differences between small and large investors. While smaller transactions show an increase in sales, larger investors are continuing to buy heavily.
What is the Support Level for Bitcoin?
From a technical analysis perspective, Bitcoin has established a significant support level around $74,000. Market data suggest that this support level is a focal point for investors, potentially influencing price movements.
Additionally, according to OKX analyst Ted, the weekly 50-EMA level is a critical reference point for Bitcoin. He noted that if this technical level is surpassed, it may lead to a price recovery, whereas failure to do so could result in downward corrections.
“BTC is trying to reclaim the weekly 50-EMA level. This level represents a significant threshold for prices, and breaking it could signal recovery.” – Ted
When evaluating market fluctuations in light of various investment strategies and technical indicators, the significance of support levels in Bitcoin’s short-term movements has been highlighted.
Overall, positive sentiments towards Bitcoin and the active buying by large investors have become prominent developments in the market. Investors are assessing risks based on central bank policies and technical support points.
