Investors put their trust in Bitcoin – On-chain data shows that currently almost 70% of bitcoins in circulation have been held on the same wallet address for over a year. This HODL strategy is becoming increasingly popular. At the same time, the price of Bitcoin is back up to the $30,000 mark. Have buyers regained control?
Bitcoin price climbs 1.5% in 24 hours
BTC back in the green, and the psychological round figure at $30,000 was reached in the evening. As a result, the Bitcoin climbs 1.5% in 24 hours :
However, the price is at the same level as a week ago, and this level could once again make resistance. The BTC/ETH pair has stagnated for a weekand is up nearly 7% in three months.
>> 10% discount on your trading fees? Register with Binance (commercial link) <<
Bitcoin price rebounds to short-term holders’ realized price level
At the level of on-chain analysis, we can look at two categories: the short-term holders, and long-term holders. When a token remains 155 days or longer without moving, he is considered a long-term investor. Before 155 days, he is considered a short-term holder. Using this data, we can draw curves that resemble moving averages:
In the report produced by Glassnode, we can see that the price tends to find support at the realized price of short-term holders (STH). The price recently returned to the realized price, which was around $29,000.and the price rebounded. The share price would have to remain above this level to avoid experiencing a capitulation of these operators. Indeed, if the price falls below the realized price, it could return to the level of the realized price of long-term holders which is around 20 000 $. That’s exactly what happened in March 2020.
Bitcoin price returns to resistance level at $29,800
Bitcoin is in the process of bounce backbut is currently stuck below the resistance at $29,800. The price failed to close above the last peak at $30,020. This would have allowed the price to recover upward momentum short-term :
Price to resume on level at $29,800 as support to return to the range between 29 800 $ and 31 500 $. On the other hand, if the price stalls at the resistanceresistance, the share price could slide back towards the support at $28,500. On the other hand, the RSI is proving solid, breaking the bearish trendline closing above the last high. The momentum indicator is marking ascending lows and highs, the buyers have the upper hand on short-term momentum.
The Bitcoin price has recently rebounded to the level of the realized price of short-term holders. The price needs to stay above this level to avoid a downward wave that could take the price back to $20,000. In the short term, the price remains stuck below the resistance zone at $29,800. We’ll need to use this zone as support in an attempt to return to the resistance level at $31,500.
Up close to Bitcoin news
Take advantage of the market’s low-cost crypto buying opportunities! Don’t miss the opportunity of a lifetime, register now on the Binance platform. Save 10% on your trading fees by following this link (commercial link).