- According to Glassnode, the supply of long-term holders remained almost constant during the recent increase in the spot price.
- Most of the metrics were bullish, but BTC’s RSI was in an overbought position.
After a long wait, From Bitcoin [BTC] price could cross the $30,000 mark at the latest bull rally. Such a bull rally often results in an episode in which investors sell their holdings while making a profit.
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However, the case with BTC was different as investors continued to accumulate. Higher accumulation is usually positive for a cryptocurrency. Therefore, the possibility of BTC getting off to a good start into the next quarter seemed likely to happen.
Bitcoin investor confidence remains high
Glassnode’s latest tweet revealed that the investors remained in the accumulation phase, the result of which could become visible in the coming quarter. According to the tweet, the supply of long-term holders has remained almost constant during the recent spot price increase at 14.47 million BTC at press timejust 20,000 off the all-time high.
This shows that maturity and accumulation of long-term holders were similar to mature spending pressures, despite the increased propensity to sell.
A quick review
When we talk about next quarter and BTC’s latest bull rally, it’s important to look at the previous market bottom. AxelAdlerJr, an analyst and author at CryptoQuant, recently pointed it out analysis over the previous market floor.
According to the analysis, the last market bottom was recorded on January 13.
He named,
“This was the last day when the average Net Unrealized P/L Ratio fell below 1, suggesting that most market participants would have ended up selling Bitcoin at a loss.”
Source: CryptoQuant
This could be the future of Bitcoin
The king of cryptos was bullish last week as the price surged 13%, pushing it past the $30,000 mark. According to CoinMarketCapat the time of writing, the king coin was trading at $30,357.48 with a market cap of over $589 billion.
Source: CoinMarketCap
Read From Bitcoin [BTC] Price prediction 2023-24
A look at BTC’s on-chain stats revealed that things could get even better in the coming quarter as most of the metrics were bullish.
For example, BTCThe binary’s CDD was green, suggesting that long-term shareholder movements over the past seven days have been below average. The foreign exchange reserves also declined.
Source: CryptoQuant
A drop in stats means the coin is not under selling pressure. Demand for Bitcoin in the futures market has also been high, as evidenced by the green finance rate.
However, at the time of writing, CryptoQuant’s facts revealed that BTCThe Relative Strength Index (RSI) was in an overbought position, which could spell trouble in the coming days.