Bitcoin is currently expressing some notable signs of strength as its price pushes past the key resistance that exists within the lower-$11,000 region.
It is important to note that the selling pressure here is quite intense and could lead to a drawback if bulls aren’t able to maintain their momentum.
This isn’t an ordinary rally, however, as BTC’s price is being driven up on hopes that the cryptocurrency will continue being adopted as a reserve asset by corporations.
One well-respected on-chain analyst is noting that MicroStrategy and Square are simply the “tip of the iceberg” – pointing to on-chain data that indicates other large investors have been scooping up BTC at a rapid pace.
Bitcoin Price Rallies on Hopes of Corporate Adoption Trend
At the time of writing, Bitcoin is trading well over $11,000, marking a notable upswing from recent lows of $10,600 that were set just a few days ago.
BTC has been consolidating as of late, with the cryptocurrency struggling to gain momentum due to bearish news regarding the CFTC’s pursuit of the BitMEX co-founders.
Yesterday’s Square news, however, shifted the trend back into bulls’ favor.
On-Chain Data Shows Square and MicroStrategy are Just the Beginning of a Greater Trend
He points to the massive reduction of spot BTC available on exchanges, noting that the collective purchase by the two aforementioned companies only accounted for a small portion of the total supply reduction seen as of late.
If another public company makes a similar announcement, it will officially be considered a trend and could become a catalyst for serious growth.
Featured image from Unsplash. Pricing data from TradingView.
Originally from Bitcoinist.com https://ift.tt/36O8V1F
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