The current price of Bitcoin is eyeing a solid monthly close which can help it dump the bear market continuing from 2022.
Although the price of Bitcoin has been rapidly increasing in the past few weeks, the cryptocurrency is now witnessing a dry patch.
Bitcoin is still far from reaching the $30,000 mark. Since the crypto market is finding a new direction, Bitcoin price has remained stagnant in the past week. Where is the cryptocurrency headed next?
Due to the recent macroeconomic news coming from the US, popular cryptos like BTC are mostly reacting to the decisions coming from FED. However, the price of Bitcoin is now stable for the past 7 days and is reaching a key monthly close which can initiate another bull run.
Bitcoin is seeing a rapid increase in its price since the start of 2023. In April alone, Bitcoin has gone up by 20%. Upcoming days will decide the strength of the ling awaited Bitcoin recovery after it hit record lows for two years straight.
Here are a few key points to keep in mind during the current Bitcoin bullish rally.
At the end of this week, Bitcoin made a small recovery and touched the $27,000 mark. However, the popular cryptocurrency remained unchanged in price throughout the week. The price of Bitcoin remained pretty much stable except for a few instances of instability in between.
Some experts have predicted that Bitcoin might not be able to retain its current price. In a Tweet, IncomeSharks, a popular Twitter account for financial analysis pointed to the weak OBV (on balance volume) of Bitcoin as the key sign of Bitcoin’s decreasing momentum.
The analysis also mentioned that if Bitcoin continues to struggle in its bull run, a price retreat might be healthy for it. A low price level will help the cryptocurrency regain investors’ trust.
BTC Hodlers Causing Supply Shortage
In the current unpredictable crypto market, Bitcoin holders are setting new records of patience. The amount of Bitcoin supply that hasn’t left wallets in the last two years is at an all-time high.
According to the recent market data, around 53% of all the mined Bitcoin is locked away in wallets at least since March 2021.
This indicates the trust and patience of Bitcoin owners during the bear market in the last two years, who didn’t transfer or sell their Bitcoin by withdrawing it from their wallets. The number of Bitcoin wallets holding 0.1 or more Bitcoin is also at all-time high.
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