Bitcoin (BTC) is up 2.18% in the past 24 hours, reaching $ 43,146 during intraday trading, so CoinMarketCap. The price of BTC has been quite volatile as it saw a significant drop earlier this month, resulting in a loss of $ 10,000 after breaking the psychological price of $ 50,000.
Still, Santiment believes the price of Bitcoin could see a spike as its circulation hit levels last seen in July. The provider of on-chain metrics explained:
“The circulation of Bitcoin is a telling sign of whether future market price growth can occur. Over the past 3 days, BTC has an average of 189.2k unique tokens in circulation, the highest since late July (when BTC grew 31% over the next 5 weeks).
Santiment acknowledged that Bitcoin’s price tends to keep pace whenever circulation increases.
Bitcoin has been moving in the past few days as noted by IntoTheBlock. The data analytics company specified:
“Bitcoin has been moving sideways for the past few days and testing support. The IOMAP shows that in order to hit $ 47,000 again, BTC will have to go through several levels of resistance, the crucial one being between $ 42,1,000 and $ 43,4,000, as evidenced by the level of trading activity.
The accumulation of long-term BTC holders continues
To to the cryptanalysis company Glassnode:
“The total volume of Bitcoin held by long-term holders has hit a new all-time high of 80.5% of the BTC in circulation. The breakdown of the circulating supply is: 1) LTH supply profit = 71.1%. 2) LTH supply with loss = 9.4%. 3) STH offer = 19.5%. “
Long-term BTC holders and whales have played a vital role in accumulating more Bitcoin. For example, the crypto whale population grew by 37,056 BTC in the past 30 days.
On the flip side, short-term BTC owners have shown signs of spending their investments. Glass knot noticed:
“The conviction of short-term Bitcoin holders (STHs) is currently being tested. The STH-SOPR metric trades at or below 1.0 in: 1) Bullish shake-outs. 2) bear markets. 3) Surrender events. STHs are currently realizing smaller losses in the chain and are issuing coins that were last moved at higher prices. “
Meanwhile, a recent filing by the US Securities and Exchange Commission showed that American multinational investment firm BlackRock has made $ 369,137 in profits from Bitcoin futures since July of this year.
Image source: Shutterstock