MEXCBitcoin (BTC) Price Has Formed A Historical Bottom; Here’s Why
The Bitcoin (BTC) long-term total cost base has fallen to an all-time low, as per the on-chain data firm Glassnode. Moreover, Bitcoin is undergoing a very healthy redistribution of supply since the price fell from its highs. This week, the bitcoin price has broken its consolidation zone to rise higher above $48,000k.
Bitcoin Undergoing Healthy Redistribution
According to on-chain data from Glassnode, the LTH Realized Cap 30-day Net Position Change Z-Score has hit a historically low. It suggests that long-term holders of Bitcoin cost basis have declined significantly. Moreover, a very healthy redistribution of Bitcoin supply from higher prices is taking place. And, the new floor range is between $38k and $45k.
Under the consolidation zone between $35k-$45k, Bitcoin has seen a heavy reshuffling of its supply. There is a decrease in long-term holders and an increase in short-term holders. Thus, giving the opportunity to Bitcoin holders to increase accumulation as the price could rally from here.
Bitcoin price has pushed beyond the resistant levels as a result of the accumulation of Bitcoin by the LUNA Foundation Guard for its stablecoin UST, Russia considering accepting Bitcoin for oil and gas payments, and ExxonMobil plans to mine bitcoin with natural gas.
Moreover, whales and crypto influencers such as Michael Saylor and Elon Musk are accumulating Bitcoin (BTC) for inflation hedge and store of value amid the rising inflation and oil prices.
The Rise in Bitcoin Price Amid Growing Adoption
Bitcoin adoption has grown significantly in recent years as people realize its benefits. According to CoinMarketCap, the price of Bitcoin rose nearly 12% in the week, with the current price trading near $47,076. At the time of writing, the current market cap is around $899 billion.
In the last 24 hours, the Bitcoin price is down 1.51% from the recent high of $48,086. However, as per the on-chain data, the price will increase to move higher towards $50,000, the next psychological level.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- JPMorgan Predicts Bitcoin Rebound to $170K as Perp Market Selling Pressure Ends
- XRP Remains Deeply Undervalued As Real-World Settlement Expands, Bayberry Capital Says
- U.S. Revises Trump Tariff Terms as Supreme Court Challenges China trade Deal
- Cathie Wood’s ARK Invest Swaps Robinhood Shares for Pinterest Despite Stock Slump
- Just-In: US Labor Shock Raises Rate Cut Bets, Bitcoin Still Down
- Crypto Market Dips as U.S. Shutdown Hits Record 36 Days?
- Dogecoin Price Forecast: Is $0.3 Next After Symmetrical Triangle Breakout?
- BNB Price Eyes Rally as Double-Bottom Aligns With Token Burn, Transactions Surge
- Bitcoin Price Could Drop to $92K as Analyst Warns Amid $2B ETF Outflows
- Ethereum Price Eyes Recovery as Network Hits 24,192 TPS Milestone
- FUNToken Gains 2.38% as $5M Giveaway Drives 26% Volume Surge
