BTC’s rise above $50,000 has been aided by strong on-chain support!
Yesterday, BTC made an intraday push above the key $50k milestone, reaching a high of $50.3k. Bitcoin whale activity has also increased this week, as BTC temporarily surpassed the $50,000 mark.
With BTC aiming to break out above $50,000, it’s critical that prices stay above the $46.3k near-term lows and continue to make higher lows.
According to rekt capital,
“BTC needs to successfully retest this blue diagonal as support if it is to springboard to ~$51,000 next”
Whale Transfers at its peak!
According to statistics from Whale Alert, major cryptocurrency holders known as whales have made numerous significant Bitcoin transfers in the last 24 hours, carrying an average of 13,500 BTC.
Despite a near-term rise in older coins being transferred and the whale entity shifting massive amounts of BTC to Coinbase and Binance since July, BTC has continued to climb upward.
According to the information given by the famous crypto tracking website, Binance was responsible for the majority of these transfers. In the last 24 hours, a total of 97985 bitcoins have been transferred.
Whale transactions above $100k+ have reached their highest level since late July, according to santiment, after reaching this psychological level for the first time since mid-May.
On Wednesday, the number of active addresses reached its greatest level in four months, while token circulation reached its highest level since late July.
The market-to-realized-value (MVRV) ratio of Bitcoin is still quite low. As a result, the Bitcoin price has a lot of room to rise before it reaches the danger zone.
Fundamentals stand strong
Bitcoin’s fundamentals, according to on-chain specialist William Clemente, are stronger than they’ve ever been. “Bitcoin’s on-chain supply dynamics are at levels that previously priced BTC at 58k,” he explained.
Although, based on current sentiment, the market continues to have high hopes for bitcoin price growth in the future year.