The overall cryptocurrency market has witnessed fluctuations, marked by upward movements in Bitcoin (BTC) and other altcoins. On Monday, Bitcoin surged to $43,500, driven by investor optimism ahead of the upcoming FOMC meeting this week. Concurrently, there is an observed increase in the supply of Tether (USDT) on exchanges, potentially contributing additional momentum to the cryptocurrency market.
On-chain data provider Santiment has recently reported that supplies for top cryptocurrencies like Bitcoin and Ethereum are moving off exchanges. On the other hand, Tether (USDT) has witnessed an influx of nearly 4% of its available supply returning to exchanges over a five-week period. Currently, there’s 30% of the total Tether (USDT) supply sitting on the exchanges.
This surge in Tether supply on exchanges indicates an increase in buying power within the crypto market. Analysts suggest that this development may play a role in sustaining the mid-term bull cycle, which has been underway for over three months, starting back in October.
The current market dynamics, coupled with the proximity of the Bitcoin halving event estimated to occur on April 18th (just 79 days away), contribute to the speculation that the ongoing bull cycle may have additional momentum. Investors and analysts are closely monitoring these shifts in crypto supplies for insights into potential market trends in the coming months.
The approval of the spot Bitcoin ETF turned out to be a sell-the-news event with the BTC price facing selling pressure all the way to $38,000, before bouncing back once again. Some market analysts believe that this could probably be the end of the Bitcoin market correction.
Popular crypto analyst Michael van de Poppe stated that the price range for Bitcoin remains relatively clear, and he suggests that the correction phase may have concluded after the ETF launch. As a result, he anticipates a consolidation period for Bitcoin, with a potential for another upward move to the $48,000 to $50,000 range.
The analyst’s perspective implies that Bitcoin’s price action might stabilize, allowing for a period of consolidation and potentially setting the stage for altcoins to outperform.
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