- Bitcoin failed to break out below resistance set by SMA 200
- Long-term holders accumulate the "king of cryptocurrencies"
Last week brought a slight deceleration of bullish sentiment in the cryptocurrency market. Bitcoin halted its gains just above $48,000 and began a corrective move towards $45,000. However, this period was full of large purchases by major institutions, including: MacroStrategy or Luna Foundation Guard. Bitcoin is becoming used and seen as a form of hedge against uncertain times. Favorable to this trend is the ever advancing utility of tokens, among other things, for securing algorithms.
- Exchanges are witnessing a significant outflow of cryptocurrencies with an intensity estimated at 96,000 BTC per month.
- The total supply of Bitcoin this month reached 19 million units. About 9.52% of the total BTC supply remains to be "dug up". It is estimated that the last of the BTC supply will be completely released within 118 years. Approximately 918 BTC is currently being mined daily.
The fear and greed index has fallen from its highest level reached last week since November 2021. Source: alternative.me
BITCOIN chart, D1 interval. BTC broke out above the limits near $45,000, which was the barrier of local peaks from February 2022. The upward movement was continued up to the area of $48,000, where the 200-day moving average (gold line) runs. The demand side failed to break out of this limitation permanently and a downward-corrective impulse is currently underway. Currently, the most important supports for the price of the "king of cryptocurrencies" are the areas between $44,000 and $45,000. Source: xStation 5
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