Bitcoin has had three consecutive days in the green, as the market saw a spike to $26,800.
Bitcoin saw a spike to $26,800 yesterday.
After a long period of stagnation around and below $26,000, Bitcoin finally appears to be stabilizing, with a strong rebound, hitting a local peak at $26,860.
However, after seeing so many fragile recovery attempts in recent weeks, investors are doubting whether the gains will continue.
Holder concentration at different price levels | Source: IntoTheBlock
According to on-chain data, investors tend to buy more at the cost basis whenever the price falls back to this level.
Since there was already a profit before the decline formed, investors can believe that the price will increase soon and the cost base can be a profitable entry point for further accumulation.
On the other hand, losing investors can expect the price to reach their cost basis to sell and exit the market. This can create drag on the property.
Bitcoin is currently ranging between $26,100 and $26,900, which is the cost base of a large number of investors. However, if the attempt to break through this zone fails, the range from $25,300 to $26,100 will serve as support because of the dense concentration of holders.
However, a worrying sign for the asset is the fact that whales have been sending large amounts of BTC to exchanges over the past month, as analyst James V. Straten pointed out.
Source: James V. Straten
The chart above shows data on capital flows on Bitcoin exchanges, for transactions worth at least $10 million. This chart shows that the metric has been positive throughout the past month, meaning that large entities have been consistently moving money into the platforms. This could indicate that whales are preparing for a sell-off.
On the altcoin side, the market grew slightly as #BTC attempted to hold prices around $26,500.
Leading the short-term rally was Axie Infinity ( #AXS ), which recorded a profit of more than 15%. The move appears to be the result of the number of unique wallets on the play-to-earn gaming platform skyrocketing more than 77% on the day, causing some investors to return to positions in the platform.
Other projects in the top 100 include Conflux (CFX), Cosmos (ATOM), VeChain (VET), MultiversX (EGLD), Decentraland (MANA), XDC Network (XDC), Monero (XMR), Bitcoin Cash (BCH), THORChain (RUNE), The Sandbox (SAND), TRON (TRX), EOS (EOS)... increased slightly by 2-5%.
Source: Coinmarketcap
Similar to Bitcoin's price action, Ethereum (ETH) also closed in the green for the third consecutive day. The market has stabilized above $1,600 and is currently trading around $1,630, up slightly by 0.5% over the past 24 hours.
ETH Price Chart – 1 Day | Source: TradingView
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