Bitcoin’s consolidation between the $ 30,000 and $ 40,000 range continues as the leading cryptocurrency hovered around $ 36.8K during intraday trading CoinMarketCap.
On-chain analyst William Clemente III announced that 13.38% of the circulating bitcoin supply of 18.73 million BTC has hovered between the $ 31,000 and $ 40,000 range. He explained:
“13.38% of Bitcoin’s money supply has now moved between $ 31,000 and $ 40,000. A lot of spreading at 35K-36K wouldn’t want to convert that into resistance. “
However, the analyst warned that this substantial offer would turn to resistance, which could jeopardize Bitcoin’s upward rally.
Chris Weston, research director at Melbourne-based broker Pepperstone Financial Pty, recently claimed that BTC should trade above $ 40,000 so that bulls feel like they are no longer vulnerable.
Bitcoin supply percentage of profit hit a 13-month low
According to on-chain metrics provider Glassnode:
“Bitcoin supply percentage of profit (7d MA) has just hit a 13-month low of 72.140%.”
The recent market crash that saw BTC plummet from a record high of $ 64.8,000 to a low of $ 30,000 wiped out profits for many investors, and miners were not spared either.
Bitcoin miners reportedly turned increasingly negative wallet net flows.
This downward trend in the BTC market will also make the record negative in the second quarter of 2021, as Skew admits. The crypto data provider stated:
“Bitcoin is on track for its first bearish quarter since Q1 2020.”
Meanwhile, institutional Bitcoin demand in the US had dried up as the US-based crypto exchange Coinbase saw more inflows.
Institutional investors have further reduced their long positions in BTC, according to a recent weekly report by digital asset firm CoinShares. The net outflow hit a record $ 141.4 million last week.
Additionally, whale stocks have declined by more than 1,000 BTC since February. It therefore remains to be seen whether BTC will attract more institutional investors to stimulate an uptrend.
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