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Bitcoin: Key Metrics And Movements Amid Price Volatility
Despite recent price declines, key metrics and movements are unfolding amid Bitcoin’s volatility. Notably, short-term holders have continued to hold onto their positions, with an average unrealized gain of +7.9%. This crucial metric highlights the overall sentiment and potential for a rebound. The collective cost basis for these holders is $86.8K, marking a critical juncture in gauging local price momentum.
Meanwhile, technical indicators are also flashing signals of potential buying pressure. The TD Sequential indicator has flashed a buy signal on Bitcoin’s hourly chart, suggesting the possibility of a price rebound if the $93,000 support level holds. However, if this threshold is breached, it could indicate trouble ahead, as there appears to be little significant support below it.
In other developments, institutional investors continue to demonstrate their confidence in Bitcoin. MicroStrategy has strengthened its holdings by adding 2,138 BTC ($209M) at an average price of $97,837 per coin, bringing its total holdings to 446,400 BTC (worth $41.78B). This move reflects the company’s long-term bullish stance on the cryptocurrency.
Additionally, Tether (USDT) has made significant moves, withdrawing 7,629 BTC ($705M) to its Bitcoin reserve address for the first time in nine months. This marks a notable addition to its reserves and further diversifies its asset backing. The stablecoin issuer now holds 82,983 BTC (worth $7.66B).
Meanwhile, in the ETF space, activity has been mixed. Between December 23 and December 27, there was a net outflow of $388 million from Bitcoin spot ETFs. However, Fidelity’s Bitcoin ETF (FBTC) recorded an unexpected net inflow of $183 million during the same period. As a result, the total net asset value of Bitcoin spot ETFs stands at $106.68 billion.
As we enter this critical juncture in Bitcoin’s price action, these key metrics and movements will likely shape the market’s trajectory moving forward.
Source: nulltx.com
