Bitcoin Bulls Take Charge as Price Surges
In the past two days, Bitcoin has experienced a strong surge in price, breaking out of a month-long consolidation period. The price has increased by an additional 3.5% in the last 24 hours, currently trading at $46,063 with a market cap of $903 billion.
Bitcoin Exchange Supply Hits Six-Year Low
A significant factor contributing to the surge in Bitcoin’s price is the withdrawal of BTC from exchanges over the past two weeks. Approximately 25,305 Bitcoins worth $1.1 billion have been withdrawn during this time.
This withdrawal trend is notable as it shows the lowest ratio of Bitcoin on exchanges since December 2017, indicating a shift in investor behavior towards long-term holding strategies. Currently, only 5.3% of the total BTC supply is on exchanges, while Bitcoin whale accumulation has been increasing.
Additionally, Bitcoin’s dominance in the cryptocurrency market has reached new heights, overshadowing altcoins with a market value of $45.5K today.
Positive On-chain Indicators
Crypto analyst Ali Martinez provides insights into Bitcoin’s current price dynamics and identifies crucial support and resistance levels for the cryptocurrency.
Martinez highlights a significant support level at $42,560 based on recent trading activity, with approximately 1.02 million BTC transacting within this range. Maintaining this support will be crucial for determining Bitcoin’s future trajectory.
On the other hand, Martinez identifies key resistance levels at $47,360 and $56,970 that may pose barriers to Bitcoin’s upward movement.
The Super Trend indicator also catches attention as it recently signaled a buy signal on Bitcoin’s monthly chart. This indicator has proven accurate in predicting BTC bull markets in the past, resulting in significant gains.
Martinez notes that all four buy signals issued by the Super Trend indicator since Bitcoin’s inception have been validated, leading to gains ranging from 828% to 169,172%. Additionally, nearly 70% of Bitcoin holders have not moved their coins in the last year.
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