Bitcoin Gathers Bullish Momentum Under the Hood
A crypto trader is observing some on-chain signals that indicate Bitcoin (BTC) is building bullish momentum. On Sunday, when BTC touched $35,000, more than 700,000 new Bitcoin wallets were created. This milestone is significant because the growth of the BTC network is considered one of the best predictors of its price.
The current price of Bitcoin is now higher than the cost basis of long-term BTC holders. This on-chain metric tracks the average acquisition price of all coins held for over six months. Historically, this signal has preceded major Bitcoin bull rallies.
At the time of writing, Bitcoin is valued at $34,922. The analyst is also closely monitoring the amount of capital flowing into digital assets. In the last 30 days, billions of dollars have flowed into crypto, signaling strong investor confidence.
Hot Take
The latest data suggests that Bitcoin may be poised for a major rally. With a surge in new wallet creations and increasing investor confidence with significant capital inflows into crypto, BTC seems to be gaining momentum and heading towards a bullish market sentiment.
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