Bitcoin’s Price Skyrockets to $26,700, But Can This Upward Trend Be Sustained?

Bitcoin's Price Skyrockets to $26,700, But Can This Upward Trend Be Sustained?


Bitcoin (BTC) Surges Over $26,700 Level: On-Chain Analysis

Bitcoin (BTC) has experienced a surge over the $26,700 level in the past day, breaking through a period of stagnation. This rise has prompted speculation about whether it will be sustained.

Steady Rise Over $26,000

After remaining stagnant around and below the $26,000 level for some time, Bitcoin (BTC) has eventually  started to cause a steady climb over it. The digital currency has successfully breached the $26,700 mark.

On-Chain Data Insights

Analyzing on-chain data from IntoTheBlock outlines interesting insights into investor behavior. And once the price dips back to their cost basis (the price at which they purchased their coins), investors who were previously in profits may see this as a chance to accumulate further. They believe that the price will rise again and their cost basis will be a profitable entry point.

READ NOW
Implementation of Blockchain-Based Digital ID System in Brazil

On the other hand, investors who are as of now at a loss may view reaching their cost basis as a chance to sell and exit. This can create resistance for the asset if numerous investors have the same cost basis as the present price.

Investor Concentrations at Different Price Levels

An infographic from IntoTheBlock displays numerous price levels and the concentration of investors at those levels. And once of posting, when Bitcoin (BTC) was currently worth $26,100, there were whole lot of concentrations of holders in certain ranges.

READ NOW
Potential Final Correction for Bitcoin Expected Below $20,000

The digital currency is as of now moving through the $26,100 to $26,900 range, where numerous investors have their cost basis. If these attempts fail, there is strong support in the $25,300 to $26,100 range due to a thick concentration of holders.

Bitcoin (BTC) Whale Exchange Inflows

Analyst James V. Straten has noted that whales, or large entities, have been making whole lot of deposits to exchanges in the previous 30 days. This is evident from the positive values of exchange netflows, which indicate constant movement of coins into these platforms.

These whale exchange inflows could suggest that these investors are preparing for a probable selloff. It remains to be seen whether this short-lived rise in Bitcoin (BTC) will withstand the selling pressure or not.

READ NOW
Collaboration between SBI and UAE’s TradeFinex establishes a joint cryptocurrency venture in Japan

Hot Take: Will Bitcoin’s Surge Continue?

Bitcoin’s recent surge over the $26,700 level has sparked excitement and speculation. On-chain data analysis outlines conflicting investor behavior, with some looking to accumulate and others preparing for a probable selloff.

The concentration of holders at different price levels indicates areas of support and resistance for the digital currency. In addition, the influx of Bitcoin (BTC) from whales into exchanges suggests a cautious sentiment.

As the market navigates these factors, it remains uncertain whether Bitcoin’s rise will be sustained or if selling pressure will prevail. Keep an eye on on-chain data and investor behavior for further insights into future of the Bitcoin’s price movement.

READ NOW
Robert Kiyosaki Anticipates Bitcoin’s Pricelessness with the Introduction of Central Bank Digital Currency by the Federal Reserve
Author – Contributor at | Website

Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.

READ NOW
Bitcoin Cash Prediction: BCH Surges by 1% – What Factors are Fueling Its Resurgence?
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend