Tuesday, March 9, 2021

Bitcoin Support Rises to $47k – Glassnode

The Bitcoin (BTC) market is consolidating after the recent decline to $43,000. This is the conclusion reached by Glassnode with reference to the on-chain performance of the network.

Thus, Bitcoin managed to raise the support level to $47,000 from $45,000, even despite the instability at the macro level and the weakness of traditional markets. More than 1.2 million BTC (6.5% of the current supply) switched to new wallets amid growing support.

Source: twitter.com

Moving large numbers of bitcoins without falling cryptocurrency prices could mean “significant interest in hoarding.” Thus, investors are in solidarity with the profitability of entering the market with a Bitcoin price of more than $45,000.

Bitcoin market is preparing for a reversal

Cryptocurrency miners are also cutting sales, which confirms the speculation of a potential market recovery.

Source: glassnode.com

Mined coins represent only a small fraction of the daily trading volume, writes Glassnode. Thus, analysts say, miners are returning to the mode of accumulating Bitcoin.

According to Glassnode, on-chain data suggests relatively strong bullish momentum for Bitcoin this week. The main risk that should be taken into account is a decrease in the key support level in the range between $45K and $47K. If on-chain metrics fall below this range, strong support can turn into strong resistance, experts said.

At the time of this writing, the price of one bitcoin is $54,160, up 8.37% in the last 24 hours.

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

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Published under: Bitcoin

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