The bullish euphoria surrounding Bitcoin’s price action remains strong, as the digital asset gained more than $3,700 in a day after falling below $31,700.
What you should know: At the time of writing this report, Bitcoin traded at 35,480.19 ( an all-time high) with a daily trading volume of $73.5 Billion. Bitcoin is up 12.65% for the day
READ: Bitcoin more valuable than any global bank
- Despite failing to break through its lifetime high price level of $34,500 resistance some days ago, the price quickly bounced from its sub- $28,000 plunge two days ago and just broke above the $35,400 price levels.
- However, it’s key to observe that when the world’s most popular crypto makes a new high, traders expect some form of correction, and that’s why there is a significant amount of market volatility as sellers and buyers try to take hold.
READ: Bitcoin on rampage, now worth over N10 million
What this means: Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.
Also playing to the hands of Bitcoin bulls are macros showing 78% of the circulating Bitcoin supply is illiquid and therefore hardly accessible for buying.
This points to a bullish investor sentiment as large amounts of BTC are being hoarded – which reduces sell pressure.
READ: Bitcoin robbers transfer part of Bitcoin loot worth $1.4 billion
78% of the circulating #Bitcoin supply is illiquid and therefore hardly accessible for buying.
This points to a bullish investor sentiment as large amounts of $BTC are being hoarded – which reduces sell pressure.
Full report: https://t.co/nohmLNNJ7U
Highlights below ?
— glassnode (@glassnode) December 29, 2020
That said, Bitcoin is also on the verge of settling a cumulative $10 trillion on-chain since inception.
READ: Ripple’s co-founder earned $411 million from selling XRP in 2020
