The world’s flagship crypto just surpassed $14,000 some hours ago, coinciding with the day Satoshi Nakamoto released its whitepaper in 2008. Ever since the crypto asset has gone from strength cryptocurrency breaking all growth barriers across the various spectrums.
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- However, there was a pullback in the world’s most valuable crypto market when it reached a peak of $14,100 and saw an immediate rejection, at the time of writing Bitcoin traded at $13,816.60 with a daily trading volume of $22,510,578,181. BTC price is up 1.8%.
- Another bullish bias, triggering buying pressure is Bitcoin $BTC Futures Open Interest (Perpetual) (1d MA) just reaching an 8-month high of $99,025,593.55 on Bitfinex.
READ: Most profitable asset in a decade, Bitcoin up over 26,600,000%
The previous 8-month high of $98,795,955.99 was observed earlier today
? #Bitcoin $BTC Futures Open Interest (Perpetual) (1d MA) just reached a 8-month high of $99,025,593.55 on #Bitfinex
Previous 8-month high of $98,795,955.99 was observed earlier today
View metric:https://t.co/TME6bSZWcf pic.twitter.com/cJk4GHTux5
— glassnode alerts (@glassnodealerts) October 31, 2020
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Why it’s happening; The most critical fundamental that could be responsible for the scarcity and price surge on the bias pinpointing Bitcoin deposits declining on crypto exchanges, meaning that large and small investors are keeping the crypto asset mainly for wealth preservation.
READ: Ripple lets go 1,000,000,000 XRP valued at $240 million
Fewer people are depositing $BTC into exchanges.
$BTC inflow transaction count of all exchanges (7-day moving average) hits the three-year low.
READ: Bitcoin could reach $225,000 by 2021
Long term buy signal https://t.co/jfBlhET560
— Ki Young Ju 주기영 (@ki_young_ju) October 31, 2020
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Finally, the number of retail investors holding bitcoin is also on record high as Bitcoin Number of Addresses Holding 0.01+ coins just reached an ATH of 8,714,259.
Previous ATH of 8,711,524 was observed earlier today.
READ: How investors make money from Bitcoin without owning crypto
? #Bitcoin $BTC Number of Addresses Holding 0.01+ coins just reached an ATH of 8,714,259
Previous ATH of 8,711,524 was observed earlier today
View metric:https://t.co/oyguxpaA2y pic.twitter.com/e4cCbo7Lst
— glassnode alerts (@glassnodealerts) October 31, 2020
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