Bitcoin’s Bullish Run: Long-Term Holders Fuel Price Surge
Bitcoin experienced a significant price surge exceeding 10% recently, driven by a confluence of bullish on-chain indicators. Data from CryptoQuant, analyzed by Axel Adler Jr., reveals that 359,000 BTC transitioned from short-term to long-term holders between April 4th and 21st, totaling $33.84 billion. This wasn’t due to selling, but rather a maturation of holdings, demonstrating confidence in Bitcoin’s long-term prospects and strengthening market demand. Simultaneously, short-term holders absorbed 70,000 BTC ($6.59 billion) in the subsequent two days, reflecting strong demand and pushing Bitcoin’s price above the short-term holders’ cost basis of $92,200. This indicates new buyers are actively entering the market. The resilience above this cost basis, coupled with the significant coin maturation and healthy redistribution, points to structurally strong market demand. Currently trading around $94,408, Bitcoin shows a short-term dip (0.78%) despite decreased daily trading volume (55.53%). However, having surpassed the $91,000 resistance level and bolstered by renewed ETF inflows ($3.06 billion), Bitcoin is poised for continued upward momentum. The next resistance is at $96,000, with a potential rise to $100,000, but a price rejection might lead to a return to $92,000. The overall picture suggests a strong market with a positive outlook for the near to mid-term future.
(Source: https://bitcoinist.com/bullish-bitcoin-359000-long-term-market-new-supply/)
