Top crypto strategist, Van de Poppe, recently spoke on key price levels that could weigh on the direction of the flagship crypto asset in the near term.
“I’m assuming that once we hold this $49,000 zone that we’ve just discussed I think we have to break through $52,000 to have continuation towards $56,000. But as this entire region ($44,900-$52,000) has become a range-bound construction I’m not assuming that we will.”
This is coming on the back of institutional investors increasing their buying pressure amid recent price corrections prevailing at the world’s most volatile financial market.
Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.
Such data suggest that the Bitcoin market is transferring Bitcoin wealth from the impatient to the patient.
Data from Glassnode recently revealed that there was a 2% plunge in the number of flagship cryptos held on crypto exchanges between February 23 and March 2. This is equivalent to about 52,900 Bitcoins.
At press time, the flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion. Bitcoin is up 0.89% for the day.
Though it’s often hard to anticipate market movements, such entities have historically shown that they often determine Bitcoin’s trend.
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