Glassnode: $47k showed strongest on-chain support since BTC broke $11k
Approximately 6.5% of Bitcoin’s circulating supply moved on-chain while the markets found support at $47k, representing “one of the largest on-chain BTC accumulation levels” ever. On-chain crypto analytics firm Glassnode has reported significant on-chain support was found for BTC at the roughly $47,000 level, describing the event as the largest on-chain support identified since Bitcoin broke above $11,000 in late 2020.According to a March 8 report from Glassnode, approximately 1.2 million Bitcoin were moved on-chain as BTC’s price traded between $45,500 to $48,900 after bouncing off a....
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Bitcoin’s trillion-dollar market capitalization has held strong since March 26. More than 10% of BTC supply has been moved while Bitcoin’s market capitalization has been more than a trillion dollars since March 26, indicating strong support in the middle and upper-$50,000 price range.According to the April 5 ‘Week on Chain’ report from on-chain analytics provider Glassnode, Bitcoin has enjoyed a $1 trillion market capitalization for more than one week for the first time. “This is a strong vote of confidence for Bitcoin and the cryptocurrency asset class as a whole,” the report....
22% of the entire Bitcoin supply was transacted in 24 hours as the price broke through $12,000. As Bitcoin's (BTC) price broke through resistance at $12,000, its on-chain transfer volume exceeded 4 million and set a 14-month record high.Source: Glassnode.Unlike exchange volume, on-chain metrics cannot be easily faked or manipulated. To put this in perspective, the total current supply of Bitcoin is 18.5 million. This means that in 24 hours, users transacted 22% of Bitcoin's total current supply. Source: Glassnode.If we examine the 30-day average for this metric, we discover that September....
The US dollar index, which tracks the greenback's strength against the strongest global foreign currencies, broke below a crucial upward sloping support.
BTC price rebounding back to $40,000 is just one of the few signs that the bears may be exhausted. The price of Bitcoin surged higher on May 26, breaching the $40,000 level for the first time in five days as traders brushed aside concerns about China's crypto ban and the United States' crypto tax proposal.The benchmark cryptocurrency reached an intraday high of $40,855 before turning lower owing to profit-taking sentiment. In the meantime, analysts such as Cheds and Korous AK expect BTC/USD to hit $42,000 in the short term but advised caution on extended upside positions unless the spot....
Bitcoin has an extreme potential to hold $47,000 as its support level, according to Rafael Schultze-Kraft, the co-founder/CTO of blockchain analytics platform Glassnode.