The overall cryptocurrency market cap has reached $2 trillion as Bitcoin continues to show strength making a move to $59K levels. Although, Bitcoin faces strong resistance at $60K its volatility has reduced as the BTC price is limiting its movement between $57K-$59K.
With this happening, Bitcoin’s on-chain metrics show that its fundamentals continue to improve further. As per data provided by Santiment, Bitcoin buy calls are at a 3-week high and at levels last seen on March 13.
On the other hand, long-term holders have resolved to holding their coins instead of liquidating their supply. Also, big players have been buying a lot recently and moving their BTC supply off-exchanges into cold storage. As per the latest Glassnode insights, Bitcoin balance at exchanges has touched a two-year low.
📉 #Bitcoin $BTC Balance on Exchanges just reached a 2-year low of 2,382,698.224 BTC
View metric:https://t.co/9vOOAmwh32 pic.twitter.com/bx6fvejTAA
Trending Stories
— glassnode alerts (@glassnodealerts) April 6, 2021
Bitcoin (BTC) Miner Position Turns Positive
The latest report from Glassnode states that the Bitcoin “Miner net position change metric flashing green, indicating miners are holding onto newly mined coins”.
The Bitcoin hash rate has also touched a new all-time high. It shows that miners are currently not liquidating their Bitcoins to buy new mining rigs. Rather they are purchasing it through cash at the moment.
Also, the adjusted SOPR (aSOPR) indicator from Glassnode suggests that there’s reduced profit-taking at this stage. It means that the buyer confidence in the market remains thereby hinting at an upcoming bull run.
The Bitcoin futures open-interest across exchanges has also sustained constantly above $20 billion over the last week.
Open interest across major exchanges constantly over $22 billion for almost a week now ????#Bitcoin
Chart: https://t.co/zSvBbrTL7x pic.twitter.com/lNjrBhFYzK
— Rafael Schultze-Kraft (@n3ocortex) April 5, 2021
Big players and companies have started accumulating Bitcoins at the current price point. MicroStrategy announced an additional purchase of 2000 Bitcoins on Monday at a $15 million additional investment. On the other hand, Grayscale Investments is now looking to delve into the Bitcoin ETF market.
- Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop
- Top ETH Whales Add These DeFi Tokens Amid Crypto Volatility
- Here’s Why Bitcoin (BTC) Could Be In for Another 50% Correction Under $15,000
- Another Top Exchange To Delist Terra UST Over Collapse
- Just-In: Vitalik Buterin No Longer A Billionaire As Ethereum Crashes
- Bitcoin Price: Key Metrics Show Surprising Insights
- After Terra Crash, Galaxy Digital CEO Warns Against Bottom Buying
- Shiba Inu (SHIB) Prices May Jump Next Week; Here’s Why
- Is Andre Cronje Back On Fantom? FTM Jumps 13%
- PlanB Says Bear Market Almost Over, Bitcoin (BTC) In Buying Range
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
- SAND Price Analysis: SAND Buyers Await Trendline Breakout To Go Long
- Avalanche Price Analysis: AVAX Sellers Tease $30 Fallout; Sell or Hold?
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
