2024-01-10 17:01:01
Expectations regarding Bitcoin are increasing, as the price of the largest cryptocurrency briefly crossed the $46,000 level (current price: BTC Price). Even before the boom, large BTC holders successfully identified opportunities and made new larger purchases. And in the midst of all this, one of BTC’s key indicators has reached a critical level. Plus, it has already been mentioned before, as it is often shown in many places that 90% of BTC holders are in profit.
There are also contradictory BTC indicators compared to the 2021 bull market
IntoTheBlock recently posted a tweet on X that BTC hodlers who own more than 1% of the Bitcoin supply will receive 14K BTC they bought just last week. They were bought when the exchange rate fell well below $43,000.
At the same time, analyzes by Santiment and CryptoQuant show that the BTC reserves of crypto-exchanges increased during the same period. So there was a selling pressure from investors, probably with the aim of profit realization. As a matter of fact, the difference between the amount of bitcoins available on crypto-exchanges and those outside them is constantly decreasing. Again, this is only indicative of selling pressure.
And as we wrote above, this also led to a metric reaching a critical point. BTC market cap Fibonacci retracement level reached 0.618. This indicator shows likely support and resistance levels with horizontal lines.
When this level was last reached by this indicator in 2021, the price of Bitcoin reached an all-time high in the following weeks. This time, however, the situation is different, as BTC’s daily price chart showed a decline. This is likely related to concerns around Bitcoin spot ETF approval. And a more pessimistic outlook is also shown by the Bollinger Waves, where the price of Bitcoin has reached the upper limit.
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