Bitcoin Rally Continues: Whales Bullish on BTC
Bitcoin is on the rise, surging past $67,000 and aiming for $70,000, a significant milestone. An analyst has observed that whales holding over 1,000 BTC are refraining from moving their coins to exchanges, indicating a strong conviction that prices will climb higher soon.
Optimism in the Market
Despite a relatively calm weekend, the recent surge in Bitcoin price has sparked optimism among traders. Typically, when BTC’s price rises, holders tend to cash out, especially if the gains seem uncertain. However, in the current scenario, whales are holding onto their coins, expecting a robust recovery in the market.
Whales’ Confidence in Bitcoin
An analyst pointed out that the average holdings of whales have been consistent, with the 30-day average at 641 BTC. This stability indicates that large holders are confident in Bitcoin’s future performance and are unfazed by short-term fluctuations.
- Whales’ steady holdings suggest a positive outlook for Bitcoin’s price
- The current trend indicates a potential increase in Bitcoin’s value in the near future
On-chain Data Supports Bullish Sentiment
As Bitcoin broke above $66,000, on-chain data revealed a rise in the Market Value to Realize Value (MVRV) ratio. Short-term holders who have held BTC for 1 to 3 months saw their MVRV ratio exceed 66,500, indicating a shift towards profitability for these investors.
- Market Value to Realize Value ratio shows positive signs for short-term BTC holders
- HODLers standing to profit as Bitcoin’s price surpasses $66,700
Strong Support Levels for Bitcoin
Another analyst noted a significant volume of BTC traded at $66,250, signaling a robust support level at this price point. This support could serve as a foundation for Bitcoin’s next upward movement towards an all-time high.
Steady Increase in Support Levels
The Short-Term Holder Cost Basis (STHCB) metric, which tracks the average price of BTC held for less than 180 days, is currently at $60.7K and steadily rising. Historically, the STHCB has acted as both a support and resistance level, indicating a potential price floor for Bitcoin.
Hot Take: Bitcoin’s Bull Run Continues
Bitcoin’s recent rally has instilled confidence in the market, with whales holding onto their investments in anticipation of further price increases. As on-chain data supports this bullish sentiment and strong support levels emerge, Bitcoin’s journey to new heights seems promising.
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