23 April, 2024



Glassnode Analysis: 87% of BTC Acquired Below $48k Benchmark

16 Feb, 2024

27 Feb, 2024

  • Most Bitcoin, 87%, was acquired for less than $48k, indicating a strong base below current high valuations.
  • Bitcoin whales have notably increased their holdings by over 100,000 BTC in the last ten days, signaling confidence.
  • Bitcoin rebounds above $52k, supported by bullish indicators like the RSI and MACD, hinting at potential new highs.

Glassnode, a leader in on-chain and financial metrics analysis, recently shared insights that paint a detailed picture of the Bitcoin market. The data reveals that most Bitcoin, specifically 87%, has been acquired at prices below $48,000. This indicates that the bulk of the supply is held by investors who entered the market at lower valuations. Additionally, there’s a significant concentration of short-term holder supply within the $40k to $45k range.

Moreover, the analysis sheds light on the position of long-term holders, who now hold 13% of the supply at a loss. These holders primarily purchased at the peak of the market in 2021, around the all-time highs. Hence, it underscores the contrast between short-term trading behaviors and long-term investment strategies within the Bitcoin ecosystem.

Furthermore, a renowned crypto analyst, Ali Martinez, highlighted an interesting trend among Bitcoin whales. Over the past ten days, these large-scale investors have aggressively expanded their portfolios, acquiring more than 100,000 BTC. This acquisition, valued at approximately $5 billion, signals a bullish outlook from some of the market’s most influential players.

Looking at Bitcoin’s current market performance, BTC is trading above the $52k threshold despite the sideways movement throughout the session. BTC peaked at a daily high of $52,820 before facing stiff resistance and correcting lower to $51,370, creating immediate support. However, the bulls are back in action, and they’ve pushed BTC back above $52k as it currently trades at $52,105, recording a mere gain of 0.25% in the past 24 hours.

BTC/USD price chart: CoinMarketCap

On the technical front, BTC displays a strong bullish trend. Indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have climbed northwards, supporting the current upward trajectory. The RSI is sitting in the overbought region, valued at 81, indicating the strong buying pressure could push the price to break the current resistance heading to new highs.

BTC/USD 1-day chart: TradingView

The MACD indicator suggests a strong bullish trend as the MACD line continues to climb higher above the signal line. In addition, the green bars are ruling the histogram on the positive region. Finally, most moving average oscillators suggest a buy signal with the 10-day Exponential Moving Average (EMA) at 49,167.

In conclusion, Glassnode’s analysis and the subsequent highlights by Ali Martinez offer critical insights into the Bitcoin market’s current trends. The accumulation of Bitcoin by whales and the distribution of supply by cost basis provides valuable context for understanding the underlying sentiments driving market behaviors.

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