Market Momentum and Fundamentals: Insights on Bitcoin’s Recent Performance and Future Direction
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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 indicates a crucial level for gauging local price momentum, as the collective cost basis for these holders stands at $86.8K.
Meanwhile, the TD Sequential indicator has flashed a buy signal on Bitcoin’s hourly chart, suggesting the potential for a price rebound – provided the critical $93,000 support level holds. However, if this threshold is breached, it could signal trouble, as there is little significant support beneath it to stabilize prices.
In other news, MicroStrategy continues to strengthen its Bitcoin holdings by adding 2,138 BTC ($209M) last week at an average price of $97,837 per coin. The company now owns a total of 446,400 BTC (worth $41.78B), acquired at an average cost of $62,428. Notably, the company’s unrealized profit stands at approximately $13.92 billion, highlighting its long-term bullish stance on Bitcoin.
Furthermore, Tether has made significant moves by withdrawing 7,629 BTC ($705M) to its Bitcoin reserve address. This marks the stablecoin issuer’s first major addition to its reserves in nine months. As a result, Tether now holds 82,983 BTC (worth $7.66B), further diversifying its asset backing.
In the ETF space, Bitcoin spot ETFs experienced mixed activity last week. Between December 23 and December 27, there was a net outflow of $388 million. However, Fidelity’s Bitcoin ETF (FBTC) recorded a weekly net inflow of $183 million during the same period. The total net asset value of Bitcoin spot ETFs now stands at $106.68 billion, reflecting continued institutional interest despite price fluctuations.
As the market navigates this precarious landscape, the coming weeks may prove pivotal for determining Bitcoin’s price trajectory.
Source: nulltx.com
