The recent 24-hour fluctuations of BTC on the chain finally look a bit like a bull market
The night before yesterday, with the support of CPI, the price of #BTC rose well, but the overall liquidity was lower than Tuesday (Figure 1), and only more than 70,000 BTC changed hands, which is almost the level a year ago. You should know that it was still fluctuating between 120,000 and 140,000 last month.
Yesterday (Figure 2), nearly 180,000 BTC were traded, but the focus was still on investors who held positions in the past week. Earlier profitable investors and loss-making investors still did not participate too much in the turnover. The turnover rate of investors with a holding cost of less than US$60,000 was only 7.7% of the total circulation on the day, and the turnover rate of investors with a holding cost of more than US$66,500 was only 3.4% of the total circulation on the day. Early investors are still indifferent to the current price.
In the past month, the high point was $67,000 and the low point was $56,500, with a gap of more than $10,000, but the holdings of early investors have not decreased significantly, especially the holdings of investors in the range of $63,000 to $68,000 have not decreased so far, but have increased by nearly 300,000 BTC. This is why I have been emphasizing that around $65,000 is the support for current holders. As long as these investors do not leave in large numbers, the price drop will be limited.
Not only the current support level, but also the BTC that left the first three support levels in the past month is very limited. More investors are still betting that there may be a big rise like in 21 years after the halving this year, so even if the macro sentiment is adjusted, most investors are still waiting patiently.
The only difference this time is that the range of $60,000 to $63,000, which was previously in a vacuum zone, has now shown signs of higher holdings, but these investors have not yet experienced a long-term wash, and it is not certain whether they will stay, after all, they are mainly investors who have held positions in the past week.
From the perspective of the stock of the exchange (Figure 3), there were still about 13,000 stocks yesterday, but thanks to the CPI data, it can be seen that as of today, the lowest BTC inventory value in nearly six years has been refreshed again, indicating that yesterday's purchasing power was very strong. In fact, it can be seen from today's #BTC spot ETF data, but it is unknown how long this purchasing power can last.
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