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Bitcoin Bulls Eye $50K As Data Show BTC’s Liquid Supply in Steady Decline

On February 12, Bitcoin (BTC) prices hit a record high of $49,085 briefly before dropping to the $46,000 level.

Looking at the 4-hour chart, it shows a pattern like a short consolidating phase, but BTC still maintains bullish momentum through the higher high and higher lows pattern.

If this current pace and structure are maintained, Bitcoin could rise to $50,000 before the end of the weekend.

BTC/USD 4-hour chart. Source: TradingView

According to a report released by an analyst at Decentrader, the demand for Bitcoin has increased as the liquidity supply of Bitcoin is declining and the number of bitcoins that have not moved on-chain for a long time is also increasing.

Bitcoin liquid supply. Source: Glassnode

As the graph above shows, Bitcoin currently has a liquidity supply of about 4 million coins, which has steadily declined since June 2020 as institutional investors and whales increase their BTC purchase.

Examining the number of wallets holding over 1000 bitcoins will provide further evidence of whale growth.

Wallets holding at least 1000 bitcoins. Source: Decentrader

As the number of large wallets increases, the number of small wallets remains flat or declining, indicating that large players are sucking bitcoins from small players.

Multiple projects have recorded double-digit gains and record highs, and the cryptocurrency market as a whole continues to be bullish.

Daily cryptocurrency market performance. Source: Coin360

Ethereum (ETH) is trading at $1863 on February 13. Polkadot (DOT), on the other hand, has the highest performance of the top 10 market capitalizations, up 21%. Other coins that have shown remarkable performance are the ALGO and Tezos (XTZ).

The total market capitalization of cryptocurrencies is currently $1.48 trillion, and Bitcoin’s dominance is 60.14%.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity Blog, 2021. | Permalink | No comment |
Published under: Bitcoin

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