We can observe increased volatility in the cryptocurrency market in the afternoon. Bitcoin moved $2,000 higher in just several minutes and the price reached the level of $59,000.
This move can be explained by the fact that Phunware, an American company operating in the telephony and blockchain sectors, announced the purchase of 398 bitcoins for a total amount of USD 23.8 million. The crypto market reacted positively, leading to an immediate appreciation of most of the cryptocurrencies that have recently been under pressure due to the Bitcoin correction. This is not the first purchase of this type made by the company. Two weeks ago, the company purchased 100 bitcoins at an average price of $ 62,030. Today's purchase was made at $ 59,917. The company seems to accumulate the most popular cryptocurrency.
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Looking technically at the situation on the H1 interval, a potential structure of an inverted head and shoulders may be forming, which often heralds a trend reversal. However, this will be confirmed only when the price breaks above the neckline, and preferably the psychological level of $60,000. Bitcoin, H1 interval. Source: xStation5
