After months of consolidation between $ 30,000 and $ 40,000, Bitcoin recently saw the light at the end of the tunnel as the psychological price of $ 40,000 was broken.
The leading cryptocurrency is up 19.58% in the last 7 days to hit $ 45,596 during intraday trading CoinMarketCap.
Hence, this has given short term Bitcoin holders a smile as they are profitable again. Cryptanalysis company Glassnode explained:
“The Short Term Holder NUPL has just achieved positive values again. This means that overall STHs have a slight profit compared to their on-chain cost base. Rapid rallies like this are common in two cases: – Bear market rallies – Bouts of disbelief in bull markets.
This increases short-term interest in the Bitcoin market. Data analysis company IntoTheBlock noticed:
“The short-term interest in Bitcoin is increasing. After hitting the 12-month low in July, the number of addresses holding BTC for less than 30 days rose 2.99% in August. 2.95 million addresses have an aggregate value of 1.55 million BTC. “
Short-term BTC holders have been on the receiving end after the leading cryptocurrency tumbled from an all-time high (ATH) of $ 64.8,000 recorded in mid-April to a low of $ 30,000, driven by factors such as low volatility and increased crackdown on the Crypto mining was triggered by Chinese authorities.
Bitcoin gold realizes correlation drops
According to on-chain data provider Crookedness:
“Bitcoin-Gold 1Y Realized Correlation has turned negative and is approaching its 3-year lows.”
Over the years, bitcoin and gold have been embroiled in a ring in which investors were courted as the first safe haven.
Dormant BTC are in motion
According to crypto-insight provider Santinem:
“One of the key indicators that we consider to be a sign that a period of margin or downturn is coming to an end in the average dollar invested age. We see that the average age of dollars for both BTC and ETH no longer increases as dormant investments move. “
Anytime dormant coins gain momentum and move again, it is usually a bullish sign. Low volatility has hit the crypto market in recent months, making most cryptocurrencies undecided.
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