Sat, 3/02/2024 – 14:20
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Bitcoin (BTC), the largest cryptocurrency by market capitalization, has made history with its recent trading near the $42,560 range.
According to crypto analyst Ali, an impressive total of 912,626 BTC has been transacted within the $42,560 price range, marking it as the most significant interest zone for Bitcoin to date.
The price of Bitcoin broke above $43,000 in Friday’s trading as the cryptocurrency rebounded from Thursday’s low of $41,846.
Currently, Bitcoin has slightly retreated below Friday’s high of $43,700, but bulls have not given up much ground. At the time of writing, BTC was down 0.36% in the last 24 hours to $42,985, according to CoinMarketCap data.
Generally, the Bitcoin price has traded in a range since mid-January, fluctuating between $40,144 and $43,872.
According to on-chain data, Bitcoin is experiencing one of its most significant accumulation streaks in nearly three years. In the last 24 hours, Riyad Carey, a Kaiko researcher, reported a 600 BTC buy on Coinbase worth $25 million.
Notably, Bitcoin’s accumulation trend score has been at one for the previous four months, indicating that larger entities are accumulating BTC.
According to Glassnode, Bitcoin’s price performance since the 2022 lows is strikingly comparable to previous cycles, albeit recovering in a slower but more resilient manner.
Despite a minor increase in older coin spending following ETF approvals, the majority of long-term Bitcoin investors are still unwilling to sell their coins at present levels.
Bitcoin’s realized cap remains barely 5.4% below its prior ATH of $467 billion, and it is currently witnessing robust capital inflows. However, the time it has taken for this recovery to accelerate has been significantly longer than previous cycles, possibly due to the substantial supply overhang from trades such as the GBTC arbitrage.