Bitcoin (BTC) whales are keeping the price of the leading digital currency afloat and within sight of the $40K price level. This development comes on the back of a 16% daily increment which roused the bull’s confidence across the board.
Material Indicators, a monitoring resource, released a statement on Twitter about the latest BTC resurgence, which read:
“Purple Whales are leading the charge. Historically, this class has had the most direct correlation to Bitcoin price. If BTC bulls can push past $41.5K, then $45K should come into focus rather quickly.”
In addition, the platform also released a chart that revealed renewed buying activity among small- and big-time investors.
According to data from Cointelegraph Markets Pro and Tradingview, the ongoing conflict between Russia and Ukraine did not trigger a new major sell-off. Although stock prices initially caved in, many have since regained some ground to close higher. For instance, Germany’s DAX is up 3% on the day to potentially end the week, while London’s FTSE 100 is up 4%.
Furthermore, securities, commodities, and crypto also stand to receive additional stimulus following fresh reports from Ukraine about ending hostilities. Ukrainian president Volodymyr Zelensky has indicated a willingness to dialogue amicably with his Russian counterpart Vladimir Putin.
BTC is currently trading at $39,356.00.
Image Credits: Pixabay
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