Glassnode data shows a year-long bull run in the Bitcoin (BTC) market and expects more bullish moves in the future to spur investors to hold the token instead of moving it to other currencies. Other assets.
The blockchain data analytics firm revealed on October 28 that the total number of “lost or very long unmoved coins” has hit a nine-month high, at around 7.21 million BTC. In a word, non-circulating tokens are continuing to grow, they are stored in cold wallets by long-term holders or have lost their private keys, with little chance of recovery.
As a result, the total amount of BTC lost/very long unmoved has exceeded 34% of Bitcoin's total supply (21 million tokens), making the cryptocurrency even more scarce.
More proof of Bitcoin supply shock
Other data provided by CryptoQuant shows that Bitcoin reserves across all crypto exchanges have fallen to their lowest level since August 2018 – at 2.337 million BTC on October 28, 2021.
Meanwhile, the Miner Position Index (MPI), which measures the percentage of BTC leaving the wallets of all miners with a 1-year moving average, has been trading below zero since March 6, 2021, giving saw a strong accumulation of miners.
BTC balance on exchanges and miner position index | Source: CryptoQuant
CryptoQuant further noted that the amount of Bitcoin owned by miners is currently at the same level as in May when the price was below $40k. This shows that they are still expecting higher prices in the future.
Technical Indicators
Bitcoin's correction from around $67,000 to $58,100 came after the 60% rally in October. However, BTC/USD formed a descending parallel channel (purple) during the downward move, increases the likelihood that the structure is a Bull Flag pattern.
BTC/USDT Daily Chart | Source: TradingView
Bulls Flag is a bullish pattern and usually leads to a continuation of an uptrend. This means that upon completion of the correction within the current parallel channel, BTC is expected to break out and move a distance equal to the size of the previous uptrend, also known as the Flagpole.
The flagpole is about $15,000 long. That means that technically, the cryptocurrency could rally another $15,000 from the time of the breakout. The Fibonacci levels in the chart above could act as support before BTC breaks out and heads towards $70,000 or higher.
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