A naukri.com initiative
NullTX
4w
394
Image Credit: NullTX
Bitcoin Price Rebounds, But Short-Term Holders Stay on the Sidelines
- Bitcoin's price recently surged into the upper $30,000s, sparking excitement about a possible end to the bear market and the start of a new bull market.
- Short-term holders of Bitcoin have decreased from 3.06 million in January to 2.53 million, indicating hesitancy in the market despite the price rebound.
- The drop in Bitcoin transfer volume, from $87 billion to $42 billion, suggests reduced trading activity and a predominance of HODLing among investors.
- Transaction fees for Bitcoin have nearly tripled, signaling increased demand and on-chain activity.
- Investors are closely monitoring Bitcoin's price changes and network activity, noting mixed sentiment among investors.
- Key levels to watch for Bitcoin include support at $82,590 to $85,150 and resistance at $95,400 to $97,970, which may impact near-term price movements.
- Bitcoin spot ETFs experienced a significant net inflow of $744 million in just a few days, indicating growing institutional interest in the cryptocurrency.
- While short-term holders' activity may influence Bitcoin's price action, cautious optimism prevails in the market, with signs of decreased activity and rising transaction fees.
- Traders are advised to monitor key support and resistance levels for Bitcoin to navigate potential market shifts, including the impact of institutional inflows.
- Institutional demand for Bitcoin ETFs could further drive up Bitcoin's price, with potential effects on market dynamics.
Read Full Article
23 Likes
For uninterrupted reading, download the app