The price of bitcoin (BTC) recently reached a monthly maximum, exceeding $ 87,000. This significant achievement is associated with favorable macroeconomic conditions and an increase in confidence among key investors
We figure out what is happening in the Bitcoin market (BTC) and what to expect from the price of cryptocurrency.
Bitcoin whales remain optimistic
The addresses of whales and sharks, which own 10 to 10,000 BTC, actively accumulate bitcoin. Over the past month, they purchased about 53,652 BTC worth almost $ 4.7 billion. This indicates that large investors use a recent BTC price fall, believing in its long -term potential.
The MVRV Long/Short Difference indicator, which shows the difference in the realized profit between the short -term (STH) and long -term holders (LP), has reached a two -year minimum. This indicates the dominance of STH in the market, which indicates the active accumulation of whales. However, when short -term holders get more profit, this may mean that the market is preparing for sales.
Now, when the MVRV indicator dropped below zero, there is a risk that the price of bitcoin may decrease if STH decides to sell its assets. Although whales continue to accumulate, increased influence of short -term holders threatens to lead to an increase in volatility, especially if market moods change.
BTC price is aimed at $ 90,000
At the time of writing this analysis, bitcoin is traded at $ 87,463, holding on above important support at $ 86,822. The last time Bitcoin lost this level, the price has fallen significantly. If the coin holds the specified support, then he will receive a chance to achieve the next level of resistance $ 89 800.
The most important thing for BTC is now to break through the $ 90,000 mark. If successful, growth is most likely to continue, as investors’ confidence will increase.
However, under the pressure of the bears, it will be difficult to keep support at $ 86,822. The fall below this mark can lead to a further decrease – probably to the next support of $ 85,204. If this level does not resist, Bitcoin may drop to $ 82,503, which will negate a significant part of recent successes.
Be in the know! Subscribe to Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
