The Bitcoin (BTC) market was very bully last week, as prices jumped by more than 10 %. In the midst of this positive development, there was a noticeable investment activity, which indicates a disturbing demand that could support the upward trend of prices.
BTC Supply Supply-UP: A long-term holder, new buyers take more than 92 thousand dollars
In X recently mailCrypto Pundit Axel Adler JR. Some interesting visions on the series in the Bitcoin market.
Using data from Cryptoquant, ADLER stated that the market supplies from short-term holders decreased by 359,000 BTC, worth $ 33.84 billion, over 16 days between 4-21 April. Interestingly, this decrease was not due to the sale of pressure but rather the maturity of the currency, which led to the transition to the long -term pregnant category.
This is a positive market signal indicating that holders of long -term Bitcoin horizons. By choosing against sale, holders are enhancing the basic basic demand, which provides a solid basis for future prices.
In another interesting development, Axel Adler JR also pointed out that the BTC’s short -term supplies have grown by 70,000 BTC, at a value of $ 6.59 billion, in the last two days after the latest prices in Bitcoin.
The analyst explains that this increase resulted from the profit by long -term holders by redistribution With high prices. More importantly, short -term holders absorbed this new offer effectively, indicating a strong demand in the Bitcoin market.
This demand is greatly reflected in Bitcoin’s ability to stay above 92200 dollars, which is the basis for a short -term cost, which represents the average acquisition price for their possessions. This indicates strong confidence in the market because the new buyers enter the market, expanding the STH group.
In general, the combination of the maturity of the coin, the health distribution, and the flexibility of the bitcoin over the basis of the cost of short -term holders, the strong demand for structural aspect. With their long -term holders showing the new confidence and demand that effectively absorbs the supply, it appears that BTC is in a good position of continuous bullish momentum in the near period.
Bitcoin price overview
At the time of this report, Bitcoin trades at $ 94,408, which reflects a 0.78 % decrease in the last day. However, the daily asset trading volume decreased by 55.53 %, indicating participation in the hanging market.
However, it seems that BTC is ready to maintain its upward direction, after it has passed The main resistance level at $ 91,000With the support of other upcoming upcoming developments, including a revival of ETF flows, totaling about $ 3.06 billion during the past week.
The following resistance is located at 96,000 dollars, and it exceeds the past, which can pave the way for an additional price to about $ 100,000. However, rejection of prices can impose a return to about 92,000 dollars, which effectively creates a bound range.
A distinctive image of The Economic Times, the tradingView graph
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