Bitcoin Sets Stage For Reversal As Unmoved Supply Nears All-Time High
The unmoved supply of bitcoin continues to grow despite declining prices. This has various implications for the digital asset, with the major one being the volume of available supply in the open market. For most bull rallies in the past, this unmoved supply had remained low, declining at points where investors dumped their bags to avoid the crash. But this illiquid supply is once again on the rise. 60% Of Bitcoin In Unmoved Supply Bitcoin has maintained its position as the leading crypto investment. This is why owning the cryptocurrency is one of the most coveted positions in the space.....
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Stifel’s Chief Equity Strategist and Managing Director Barry Bannister believe that by 2023 bitcoin could lead to a plunge in price to $10,000. When discussing bitcoin’s price with Business Insider, Bannister said that a tightening of Federal Reserve policy and reducing the balance sheet would negatively impact bitcoin’s value. Related Reading | Bitcoin Sets Stage For Reversal As Unmoved Supply Nears All-Time High The price is closely tied with the global money supply regarding bitcoin. Therefore, the strategist identified this first essential macro factor and cited that....
David Heinemeier Hansson has backtracked on his decision to not support crypto. The Danish programmer who is famous for creating the Ruby on Rails programming language had been a staunch opponent of the crypto mission in the past. For Hansson, the ideologies behind the creation of cryptocurrencies did not seem to make sense in the western setting where rule of law prevailed. That is until the Canadian Truckers Protest of 2022. The World Needs Crypto In a move that shocked the world at large, the Canadian government had enacted martial law against protesters who were involved in the....
Bitcoin price is defending the $15,000 support and on-chain data signal that the rally may continue beyond $16,000. After rejecting at $15,960 on Nov.6 Bitcoin (BTC) price has been defending the $15,000 support level with strength. Based on four on-chain data points, analysts believe the rally might continue beyond $16,000.Analysts have pinpointed lower Bitcoin exchange reserves, unmoved supply, a rise in “stronger hands,” and unrealized profits as factors for the rally to continue.The number of BTC held on exchanges dropsRecently, Delphi Digital, an independent cryptocurrency research and....
Bitcoin has been named the best performer among asset classes in 2023, but the cryptocurrency is still struggling to break new levels in its price. Despite the current bearish sentiment, many analysts have hinted and predicted a bull run in the coming months, especially as the market awaits the approval of a spot Bitcoin ETF. This has probably prompted many investors to hold on to their coins, as on-chain metrics have shown that the amount of Bitcoin supply idling recently reached a new all-time high. Unmoved Bitcoin Supply Reaches Record High The industry expects the SEC’s....
On-chain data shows more than 50% of the Bitcoin supply in circulation has remained dormant since at least five years ago. Bitcoin Supply Aged More Than 5 Years Is Only Continuing To Grow In a new post on X, analyst James V. Straten shared a chart that reveals the supply distribution of coins aged more […]