терминалдарда saw a good rally which extended beyond $43k. After a brief retracement in the following 24 hours, BTC returned to the offensive and бошоткон $44,000. The uptrend continued in the past 24 hours, and the cryptocurrency reached and briefly exceeded $45,000, its highest price tag since 2 March.
Accumulation underway
киттер activity revolving around the most prominent cryptocurrency was an interesting one to note ever since Russia-Ukraine conflict began. Addresses with 1,000 to 10,000 BTC saw the number of coins within their wallets jump by 8.3%.
Он-чынжыр аналитикалык фирмасынын айтымында Santiment, the 2,203 addresses stood at a one-year high while holding between $44.2 million and $440.2 million worth of BTC each.
Булак: Сантимент
The amount of BTC addresses holding 1k to 10k $ BTC jumped by 8.3% since the Орусия-Украина conflict went underway.
That said, historical data shows, along with the group of addresses containing between 100 and 1,000 BTC, had “historically foreshadowed price moves.”
Твиттерде деген:
“The 2,203 addresses are at a 1-yr high. Both this tier & the 100 to 1k $ BTC tier have historically foreshadowed price moves.”
The aforementioned group were the “ones we look at to show what the top active traders are doing with their funds. Anything higher is typically an exchange address,” the tweet added.
Other data suggested the flagship cryptocurrency’s price was ready to move shortly. For instance, following this development, the rate of capital flowing into risk-on asset classes had accelerated. To expand on this, the Co-founder of Glassno менен, compared this rise to US Government Bonds’.
Rate of capital flowing into risk-on asset classes accelerated. #Bitcoin is back at Jan levels $44k. Meanwhile, the US10 yield rose rapidly.
We expand on #Bitcoin ‘s comeback and the rotation of capital in our latest Uncharted ?https://t.co/VB2a0BHthe pic.twitter.com/O4DlnwT5MW
— ???????????? (@Negentropic_) Март 24, 2022
In addition, there was a substantial outflow of the popular digital asset from various crypto exchanges. In only 15 days, around 61,000 Bitcoin were taken off exchanges. According to a chart by the on-chain analytics platform Glassnode, the chart looked like:
Булак: Glassnode
Based on the price of Bitcoin at press time, the amount that left exchanges equates to roughly $2.6 billion. The last time BTC experienced a large outflow, it was followed by олуттуу өсүш in price. This marked a clear indicators of mounting bullish narratives around the king coin.
Furthermore, according to Bloomberg analysts, US Lawmakers could бекитүү спот базар Bitcoin ETFs. Bloomberg financial strategists Джеймс Сейфарт жана Эрик Балчунас shared light on this narrative. SEC’s recent сунуш to expand the legal definition of “exchange” might signal the regulatory agency was ready to approve spot BTC ETFs sometime in 2023 after rejecting numerous requests during the last year.
Эмне үчүн спот биткойндорунун ETFдери 2023-жылдын жай айынын башында бекитилет деп ойлогонубуз жөнүндө жаңы эскертүү. SEC SEC регуляциясынын астына крипто платформаларды алып келе турган "алмашуу" аныктамасын кеңейтүүнү сунуштап жатат. Андан кийин (бир жыл талап кылынышы мүмкүн) жашыл жарык алуу үчүн ETFтерди издеңиз @JSeyff pic.twitter.com/TtFgFXrJ8h
- Эрик Балчунас (@EricBalchunas) Март 24, 2022
Now, having discussed some bullish trajectories, the next significant on-chain resistance for BTC could arise from the short-term holder ‘Realized Price’, trading at $45.9k. One shouldn’t also forget that bearish resistance comes from STHs seeking to get their money back.
Source: https://ambcrypto.com/new-data-points-to-a-renewed-optimism-in-bitcoin-but-theres-a-caveat/