Bitcoin HODLing reached a 12-month high indicating healthy accumulation. Upside potential is still limited amid low whale and institutional demand. It has been a while since Bitcoin [BTC] delivered a sizable performance. If you are like most crypto enthusiasts, chances are that you are wondering whether BTC will offer some redemption in 2023, or perhaps […]
. This means the potential impact of this hodl is minimal, although it might offer significant cushioning against the downside.is too low to drive up the price, the next major consideration for the bulls is whale and institutional demand. An assessment of Bitcoin’s supply distribution reveals a mixed bag as far as whale addresses are concerned. Some addresses are contributing to buying pressure while others are contributing to the selling pressure.
Also worth noting is that smaller addresses have been buying. Another interesting observation is that institutional demand is still lacking. The Purpose Bitcoin ETF Holdings has been offloading its BTC in the last four weeks, thus contributing to selling pressure.The above observations suggest that retail accumulation is supporting the current price level. In addition, Bitcoin exchange reserves grew in the last four weeks, which is consistent with the selling pressure observed from whales.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
![Bitcoin [BTC] to be haunted by the bears in 2023? Yes, say these metrics](https://i.headtopics.com/images/2023/1/3/cryptoamb/bitcoin-btc-to-be-haunted-by-the-bears-in-2023-yes-bitcoin-btc-to-be-haunted-by-the-bears-in-2023-yes-1610298692099080192.webp?w=640)
Bitcoin [BTC] to be haunted by the bears in 2023? Yes, say these metricsNew data suggests that Bitcoin holders have started selling their BTC at a loss Whales started to lose interest as selling pressure grew, however, traders remained optimistic According to 2 January 2023 tweet, the majority of Bitcoin [BTC] holders have started to lose faith in the king coin. Reportedly, the net realized losses for Bitcoin are […]
Read more »
Bitcoin: Don’t panic, here’s why BTC’s drop to $15,000 could act in your favorThe $15,000 price mark could be a good price bottom for BTC The SOPR 30MA showed that a bottom formation might be on BTC’s horizon A further decline to the $15,000 price range could mark the price bottom for leading coin, Bitcoin [BTC], CryptoQuant analyst Nakju opined in a report. According to Nakju, many traders […]
Read more »
ShapeShift CEO predicts this momentous landmark for Bitcoin in 2023ShapeShift CEO says BTC has the potential to reach $40K by the summer However, according to Standard Chartered, BTC may fall as low as $5K There has been little consensus among Bitcoin [BTC] pundits in recent weeks, with billionaire investors, research experts, and crypto executives all providing drastically divergent predictions for the future of the […]
Read more »
Bitcoin sticks to its bearish patterns despite miners revising their operationsBitcoin miners added over 3,000 BTC to their reserves An analyst predicted a drop in value due to the RSI and Open Interest stance For most of 2022, Bitcoin [BTC] miners’ activities revolved around selling as their operations became less profitable. However, as the king coin celebrated its 14th year, some miners changed the past […]
Read more »
In another blow to Celsius, Core Scientific shuts down 37,000 mining rigsCore Scientific has shut down 37,000 mining rigs that were hosted for Celsius. The Bitcoin miner’s share price has jumped over 81% following this decision. Bitcoin [BTC] mining firm Core Scientific has started 2023 by rearranging its operations in an effort to ease its finances. On 3 January, the company took all the mining rigs […]
Read more »
Bitcoin retail investor interest has become key to its growth: Where are the whales?Bitcoin saw increasing interest from retail investors, according to new data However, whales continued to exit their positions as traders went long According to new data provided by Santiment on 3 January, Bitcoin [BTC] witnessed a massive spike in interest from retail investors over the last six months. The king coin, which was affected by […]
Read more »