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After dynamic increases, the rate of the most popular cryptocurrency slowed down. As a result, it has been trading without major price movements around the $ 36,000 line for several days, but has now fallen below $ 34,000. Nevertheless, the optimism on the market does not fade away and many signals indicate a possible continuation of the rally!
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BTC is falling
Yesterday's Bitcoin session closed 1.39% down. The price of Bitcoin currently trades around $ 34,000 per coin, with ATH being more than 18% away.
It should be emphasized that on the chart of this cryptocurrency there is a very strong support of $ 30,000. In addition, whales - people with at least 1,000 BTC in their wallets have repeatedly bought Bitcoin when the price was going this way.
BTC price chart, 7 day range, source: coinmarketcap.com
Signals that the rally is continuing
After Bitcoin's price soared above $ 41,000 per coin, its price weakened. As a result, a correction appeared on the market. The fear and greed index continues to show investor greed, but it is not extreme. Despite the cooling of emotions, there are many signals in favor of continuing the wild rally. One of them is, for example, the prevailing HODL sentiment. According to data provided by Glassnode, as much as 80% of 18.5 million Bitcoins are currently in illiquid wallets. These addresses are assigned to this category if less than 20% of their content has been transferred.
According to some analysts, the growing demand from institutions and companies may be one of the reasons for the depletion of liquid BTC coins. Interestingly, a few days ago, the Grayscale investment fund purchased another batch of Bitcoins. As a result, since the beginning of this year, he has accumulated 26,150 BTC, and the total number of coins he holds is currently 641,523.7 BTC.
