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Bitcoin: Key Metrics And Movements Amid Price Volatility
Despite recent price declines, short-term holders are still reaping profits, with an average unrealized gain of +7.9%. The collective cost basis for these holders sits at a critical level of $86.8K, marking a crucial threshold in gauging local price momentum.
The TD Sequential indicator has issued a buy signal on Bitcoin’s hourly chart, suggesting the potential for a rebound if support levels hold. However, a break below the $93,000 threshold could signal trouble, as there is limited significant support beneath it to stabilize prices.
In other notable developments, MicroStrategy continues to strengthen its position in Bitcoin by adding 2,138 new coins to its holdings at an average price of $97,837 per coin. This brings the company’s total BTC reserves to 446,400, valued at approximately $41.78 billion, with an unrealized profit of around $13.92 billion.
The move solidifies MicroStrategy’s long-term bullish stance on Bitcoin and further reinforces its commitment to the digital asset.
Tether has also made a significant adjustment by withdrawing 7,629 BTC ($705M) to its Bitcoin reserve address, marking its first major addition in nine months. The stablecoin issuer now holds a substantial 82,983 BTC, worth approximately $7.66 billion.
In the ETF space, Bitcoin spot ETFs experienced mixed activity over the past week, with a net outflow of $388 million between December 23 and December 27. However, Fidelity’s Bitcoin ETF (FBTC) managed to record a net inflow of $183 million during the same period. As a result, the total net asset value of Bitcoin spot ETFs now stands at approximately $106.68 billion.
As key support levels are tested and major players like MicroStrategy make strategic moves, the coming weeks will likely prove pivotal for the trajectory of Bitcoin’s price.
Source: nulltx.com
