BTC’s price is cementing a strong support level between $50k and 200DMA, $75k is the next stop.
SOPR factor is now close to 1.05 hinting at a price rally.
Bitcoin price strongly made its way to $50k for the third consecutive time. Well, we brought you some interesting on-chain data to make your weekend more special! Wondering, what it is? Well, let’s dive and discover!
BTC made a clear come back this week after the May market crash. On-chain supply dynamics are at their historical levels, where BTC was priced at $58k–$59k. And this time it’s a reverse case, now we are on the verge of a price rally. Long-term holders continue to hold expecting high returns.
BTC’s price is consolidating between $50k and 200DMA. Once it breaks that zone within a week price could hit $60k. Thereby eyeing $75k for the grand platinum celebration. Here are some interesting facts below.
According to the recent report of Glassnode. 15.48% of the BTC’s money supply moved when the price was between $32k-$40k. 9.63% has moved between the range of $46k-$50k. And supply further reduced to 7.08% between $54k-$60k in May. This time if Bitcoin breaks above $50k with supply shock the price would be unstoppable!
In another report from Glassnode, Spent Output Profit Ratio (SOPR) is close to 1.05 which is a positive sign again. And moreover, the rise in illiquid supply seems to invite a large number of whales to the market. In addition to this, we have recently covered an article on Bitcoiners moving out of exchanges.
I’m sharing another chart indicating how miners’ balance boomed BTC prices in the past. If you observe in the last two weeks, Bitcoin miner’s balance has seen a dip by 1658 BTC. This is also one of the strong indicators that hints Bull run 2.0 is on the way!
At present BTC’s price is trading at $50,118.11 with a market cap nearing $1 trillion for the second consecutive time. This has been previously achieved in January 2021 when the price was on the uptrend. Seems the same trend is manifesting for the second time eyeing for a $100k target.