The current BTC rate is around USD 13,000 per coin. Bitcoin has climbed above that line once again in the last 24 hours. The current price of this cryptocurrency is $ 12,938. What exactly is happening in the market?
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The most important information:
- During yesterday's session, the highest price level on Bitcoin was USD 13,161.59, and the lowest was USD 12,717.09. Greed among investors is growing day by day
- The amount of BTC coins stored on the most popular cryptocurrency exchanges has dropped below 2.5 million Bitcoins - the lowest amount in the last 2 years. This could mean a shift in investor sentiment from short term to long term
- According to the latest data, the BTC exchange rate has only a 7% chance of breaking its record level of $ 20,000 this year
- The market sentiment and the fundamentals on which Bitcoin is based continue to support the boom
- Some analysts say that the oldest cryptocurrency is entering a bullish trend. They also point to high demand from institutional investors - this in turn is to be a key catalyst for good results on Bitcoin
Bitcoin Price - Rising above $ 13,000 again
The current BTC rate is around $ 12,938 per coin. In the last 24 hours, the price of this cryptocurrency has increased several times above the level of USD 13,000. Currently, it is slightly positive in the daily range. Greed among the Bitcoin community continues to grow.
Yesterday's session on this cryptocurrency was opened at USD 12,801.64, and the closing was at USD 12,965.89. This, in turn, resulted in an increase in value by 1.28%.
Investors change their positions
According to the latest data, the Bitcoin balance on the most popular exchanges has dropped by as much as 390,000 BTC coins in the last 9 months.
BTC balance on stock exchanges decreases. Source: studio.glassnode.com
It is worth noting, however, that the number of new addresses containing more than 0 BTC, 0.01 BTC, 0.1 BTC, 1 BTC and 1,000 BTC has increased to record levels. This, in turn, shows us that the sentiment among the users of the oldest cryptocurrency is changing.
Investors store their cryptocurrencies on the stock exchange usually when they want to sell them quickly, withdrawing them to an external wallet means that they are switching to a long-term strategy - they will HODL their coins until their price reaches a satisfactory result for them. It is also associated with high hope for increases and confidence in a given asset.
BTC at USD 20,000 by the end of the year? - The odds are 7%
Bitcoin's price has been changing dynamically recently, but it may have a limited reach. According to the platform dealing with data analysis on blockchains - Skew, the chances that the BTC price will beat its current ATH this year are only 7%.
However, it is worth bearing in mind that the market sentiment itself is still conducive to potential growth. Bitcoin has set its record price level above $ 13,000 this year. In turn, investors are starting to see this cryptocurrency more as a store of value.
The current economic landscape also benefits Bitcoin. While the fiat currencies of many countries undergo high inflation, their citizens are very eager to use BTC to protect their capital.
Institutional investors bet on Bitcoin
According to Peter Brandt, high demand from large companies and institutions may be one of the catalysts for good results on BTC. Among other things, he pointed to a strong technical structure and strengthening foundations.
In one of his tweets, he stressed that Bitcoin has a chance of the second-largest monthly close in history if its price remains so high until the end of this month.
He also mentioned institutional inversers who are showing increasing interest in this crypto asset.
