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
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.
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.
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,
At the time of this writing, the price of one bitcoin is $54,160, up 8.37% in the last 24 hours.
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Published under: Bitcoin
Labels: NASDAQ, United States
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