Bitcoin (BTC), the leading cryptocurrency in terms of market capitalization, has created history by approaching the $42,560 range, according to crypto analyst Ali. The significant trading activity within this range, totaling an impressive 912,626 BTC, marks it as the most substantial interest zone for Bitcoin to date.
The recent surge in Bitcoin’s value saw it breaking above $43,000 during Friday’s trading, rebounding from Thursday’s low of $41,846. Despite a slight retreat below Friday’s high of $43,700, bulls have maintained strong positioning. As of the latest update, BTC showed a marginal 0.36% decrease in the last 24 hours, resting at $42,985, as reported by CoinMarketCap.
Throughout mid-January, Bitcoin’s price has fluctuated between $40,144 and $43,872, representing a period of relative stability in its trading patterns.
On-chain data reveals a notable accumulation streak for Bitcoin, with a recent report from Riyad Carey, a Kaiko researcher, indicating a 600 BTC purchase on Coinbase worth $25 million within the last 24 hours. The accumulation trend score for Bitcoin has remained at one for the past four months, signifying increased accumulation by larger entities.
Glassnode’s analysis suggests that Bitcoin’s price performance since the 2022 lows closely mirrors previous cycles, albeit with a slower yet more resilient recovery. Despite some increase in spending of older coins following ETF approvals, a majority of long-term Bitcoin investors appear unwilling to sell their holdings at current levels.
Bitcoin’s realized cap is only 5.4% below its prior all-time high of $467 billion, indicating robust capital inflows. However, the recovery has taken longer compared to previous cycles, possibly due to a substantial supply overhang from trades like the GBTC arbitrage. The cryptocurrency market continues to evolve as Bitcoin demonstrates resilience and garners significant attention in the financial landscape.
