After nearly a week-long wait, Bitcoin [BTC] finally managed to once again go above the $27,000 mark.\, but will it sustain?
finally managed to once again go above the $27,000 mark. Will Bitcoin be able to maintain its pump, or will it again plummet to $26,000?Bitcoin’s price witnessed a price correction on 9 October that pushed the coin’s price way below $27,000. But, after a few days’ wait, BTC’s price witnessed a sharp uptick. In fact, according towas trading at $27,904.55 with a market capitalization of over $544 billion.
Santiment’s 16 October tweet pointed out a reason that might have had a major role in lifting the king of cryptos’ price up.'s return to $27K was likely aided by large amounts of older, stagnant coins that were finally moved. The largest amount of dormantAs per the tweet, BTC witnessed a massive amount of dormant supply movement. To be precise, the largest amount of dormant
A look at Glassnode’s data revealed that the long-term holders’ confidence in BTC was also immensely high. This was evident from the sharp rise in long-term holders’ supply over the last month.Not only the long-term holders, but the general market also seemed to have high hopes for BTC as its Exchange Reserve wasIn fact, US investors were rather buying BTC, which was evident from BTC’s green Coinbase premium.
Nonetheless, the Money Flow Index was bearish as it took a southward path, which could restrict BTC’s price from going up.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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