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Bitcoin: Key Metrics And Movements Amid Price Volatility
Despite recent declines in Bitcoin’s price, short-term holders remain in profit, with an average unrealized gain of +7.9%. This crucial metric indicates a strong potential for the cryptocurrency to rebound in the coming days or weeks.
Notably, the collective cost basis for these holders is $86.8K, marking this as a pivotal level for gauging local price momentum. The TD Sequential indicator has also flashed a buy signal on Bitcoin’s hourly chart, suggesting that the digital currency may be poised for a price rebound—provided the $93,000 support level holds.
However, a break below this threshold could spell trouble, as there is little significant support beneath it to stabilize prices.
In other news, MicroStrategy continues to strengthen its Bitcoin holdings, adding 2,138 BTC ($209M) last week at an average price of $97,837 per coin. This brings the company’s total Bitcoin stash to 446,400 coins (worth $41.78B), acquired at an average cost of $62,428.
As a result, MicroStrategy’s current unrealized profit has ballooned to approximately $13.92 billion, reflecting its steadfast commitment to the cryptocurrency’s long-term potential.
Tether has also made significant moves, withdrawing 7,629 BTC ($705M) to its Bitcoin reserve address. This represents the stablecoin issuer’s first major addition to its reserves in nine months.
Notably, Tether now holds a substantial 82,983 BTC (worth $7.66B), further diversifying its asset backing.
In the ETF space, Bitcoin spot ETFs witnessed mixed activity last week. Over the five-day period between December 23 and December 27, there was a net outflow of $388 million. However, Fidelity’s Bitcoin ETF (FBTC) managed to record a net inflow of $183 million during this time.
The total net asset value of Bitcoin spot ETFs has now reached an impressive $106.68 billion, indicating sustained institutional interest despite price fluctuations.
As the cryptocurrency continues to navigate its current price volatility, it remains essential for investors and traders alike to keep a close eye on these critical metrics and movements.
Source: nulltx.com
