Bitcoin’s (BTC) marginal rise of about 1.5% last week suggests that traders are cautious at higher levels but they are not rushing to the exit. The bears have been in hibernation for the past few days but if the rally fails to resume, sellers may try to make a comeback.
However, in an uptrend, dips are usually viewed as an opportunity for long-term investors to accumulate. The positive sentiment among traders can be gauged by the increase in Bitcoin withdrawals from exchanges which reached 61,000 Bitcoin, a strong improvement over the year-to-date low of nearly 43,000 Bitcoin, according to CryptoSlate analyst Van Straten.