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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 marks a crucial level for gauging local price momentum as the collective cost basis for these holders stands at $86.8K.
The TD Sequential indicator has flashed a buy signal on Bitcoin’s hourly chart, indicating the potential for a price rebound – provided that the $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.
Meanwhile, MicroStrategy continues to bolster 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 holdings to 446,400 BTC (worth $41.78B), acquired at an average cost of $62,428. MicroStrategy’s current unrealized profit stands at approximately $13.92 billion, highlighting its long-term bullish stance on Bitcoin.
In other market developments, Tether has withdrawn 7,629 BTC ($705M) to its Bitcoin reserve address, marking the stablecoin issuer’s first major addition to its reserves in nine months. This move brings Tether’s holdings to a total of 82,983 BTC (worth $7.66B), further diversifying its asset backing.
Lastly, we see mixed activity in the Bitcoin ETF space, with Bitcoin spot ETFs experiencing a net outflow of $388 million between December 23 and December 27. However, Fidelity’s Bitcoin ETF (FBTC) recorded a significant weekly inflow of $183 million during this period. The total net asset value of Bitcoin spot ETFs now stands at $106.68 billion, reflecting steady institutional interest despite price fluctuations.
As key support levels are put to the test and major players make strategic moves, the coming weeks could prove pivotal for Bitcoin’s price trajectory.
Source: nulltx.com
