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- Bitcoin price surged to $27,432, its highest level since August 31.
- Long-Term Holders now control 70% of Bitcoin’s total supply.
Bitcoin, the largest cryptocurrency by market capitalization, recently reached a momentary high of $27,432. This marks the highest point it has achieved since the GBTC victory over the SEC on August 29. The subsequent price drop to $26,868 within five hours has left the crypto community both puzzled and hopeful. Although Bitcoin successfully repelled bearish pressures over the past week, it remains under close watch by bears.
The catalyst for Bitcoin’s recent surge can be attributed to developments in the broader financial landscape. On Monday, Bitcoin experienced an upswing as U.S. interest rate analysts adjusted their expectations, increasing the probability that the Federal Reserve would maintain its current borrowing costs for the remainder of the year.
Additionally, the United States Federal Reserve and the Bank of England are scheduled to release interest rate data on Wednesday and Thursday, respectively. Analysts note that with signals of a possible recession, investor confidence in the cryptocurrency industry has received a boost.
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Notably, the Fed’s tightening of monetary policy over the past year, which included a rate increase since March 2022 to combat inflation, played a role in the previous crypto crash.
Meanwhile, Bitcoin’s trading volume surged by 97% in the past 24 hours, reaching $15 billion, while Bitcoin ETFs continue to generate excitement in the market. Recent data from a prominent crypto data aggregator reveals that Long-Term Holders (LTH) now hold 70% of Bitcoin’s total supply, equivalent to 14,787,265 BTC. Furthermore, the percentage of LTHs is on the rise, with 69.2% of these long-term investors now in a profitable position after holding their Bitcoin for an average of over 155 days.
Where is BTC Heading?
A closer look at Bitcoin’s recent price movements reveals an underlying bearish trend on the daily chart. The 50-day exponential moving average (EMA) hovering at $27,428 underscores this sentiment. With the daily relative strength index (RSI) at 54, Bitcoin teeters on neutral territory.
BTC/USDT Daily Price Chart — MA, RSI (Source: TradingView)
The next chapters of Bitcoin’s journey remain uncertain. If the price manages to surpass the $28,000 resistance level, it could test the $31,480 resistance. Conversely, a drop below the $26,370 support level might see Bitcoin testing the critical $25,000 level.
Will BTC Break its Bearish Momentum? Share your thoughts by tweeting us at @The_NewsCrypto
