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Bitcoin Bulls Remain in the Driver’s Seat, While Ether Pushes Upwards
The BTC bulls continued to cement higher support on Aug 10 as the price touched $46K following a slight correction to the $43.5K zone. The strength of the bitcoin comeback was evident after the BTCUSD pair rallied from lows of $42,855 to reclaim the $45K support.
The world’s first cryptocurrency extended its gains during the European session and logged an intraday high near $46,500 before losing upward momentum. BTC is currently consolidating gains at its price of $45,450, per data from coinmarketcap.
The failure of bears to force a larger pullback after days of a continued uptrend for the flagship crypto has convinced analyst Rekt Capital that an imminent breakout has been confirmed.
That said, the current run-up that has seen BTC erase all the losses from its May Crash could fade as prices approach the psychologically important $50K zone.
The bulls now face the uphill task of surmounting the stubborn resistance near $47K where sellers are lining up to take profits, potentially slowing down the current upward trajectory in the BTC market.
Glassnode Highlights Increasing Dominance of BTC Whales
Per an Aug 9 Glassnode insights report, institutional players are still injecting massive amounts of capital into the BTC market despite the coin’s dramatic retracement from recent lifetime highs.
The blockchain analytics platform highlighted that large-volume transactions exceeding $1M have doubled since Sep 2020. The analysis also shows that bulky transactions from large hodlers soared after bitcoin’s May crash, hinting at an ongoing accumulation from whales.
“As the market traded down to the lows of $29k in late July, the $1M to $10M transaction group spiked markedly, increasing dominance by 20%”, Glassnode added.
Additional volume data from the analytics firm shows a significant 20% drop in small-size transaction dominance, indicating that short-term traders capitulated their BTC holdings to secure gains.
ETH Price Gears for another Liftoff
Bulls took over the ETH market after the successful launch of the London Hard Fork, which has been running smoothly since last week. Ether continues to eye more upsides despite facing a slight downside correction that took the price as low as $2,891 on Aug 10.
The ETH/USD pair has since recovered above $3.1K as interest in the upcoming 2.0 network upgrade continues to mount. The latest EIP-1559 promises to turn ETH deflationary over time by burning new coins instead of sending them back into circulation.
This innovative approach fashioned by core Ethereum developers has so far removed over $52M worth of ETH from existence. Furthermore, the burning mechanism is expected to remove more coins from the equation with each passing minute, making ETH ultra-sound money like bitcoin.