- Bitcoin’s (BTC) market cap has declined by 1.11% in the last 24 hours from press time.
- Most BTC holders have been making a profit as per the CMP.
Bitcoin is the largest cryptocurrency in the global crypto market with a market cap of $1.312 Trillion.
Price Overview Chart of BTC | Source: CoinMarketCap
A surge of 45% in the coin’s traded volume value was recorded, resulting in a traded value of $44.714 Billion. This further resulted in a volume/market cap ratio of 3.37%, resulting in medium liquidity in the coin’s price.
At press time. 19.729 Million BTC were circulating in the market, which is 93.95% of the coin’s maximum supply. Also, the crypto’s maximum supply has been fixed at 21.0 Million BTC, resulting in a fully diluted market cap of $1.401Trillion.
The volatility was also high at 5.39%, and the coin’s sentiment was bullish. Also, the coin’s fear and greed index was at 71, reflecting investor greed.
Bitcoin has a very strong market presence, with a market cap dominance of 53.63%. This however, resulted in a supply inflation of 1.39%, which is very low and good for future performance.
The total value locked for Bitcoin was $734.23 Million. Additionally, in the last 24 hours, the coin’s recorded fees have been worth $201.8K.
Bitcoin On-chain Data Analysis
Bitcoin has 53.969 Million active addresses, and its top 10 holders account for 5.54% of the token’s total supply.
Bitcoin In/Out Of The Money Overview | Source: Ixfi.com
The IntoTheBlock data showed that 93% of the coin holders have been in profit. Only 2% of the crypto holders have bought it at a higher price. Additionally, the concentration of large holders is 12%.
Of the total holding addresses, 49.55 Million addresses were in profit, meaning they are In the money. Also, 1.3 Million addresses were making losses, and 2.33 Million addresses bought it at the coin’s current trading price.
BTC Technical Analysis
Following a consistent decline in price, a descending triangle pattern emerged on the 4-hour chart. This technical formation indicated bearishness, characterized by a series of lower highs and lower lows.
BTC Crypto 4H Price Chart | Source: TradingView
With strong momentum, BTC broke out above the descending triangle pattern. This showed that the token’s price sentiment has reversed to bullish.
Since the breakout, the coin’s price has advanced by 14% in just a few days indicating buyer dominance. Higher levels could be marked soon.
BTC/USD Chart by TradingView
The Bitcoin price has advanced above the 50-day and the 200-day EMA and has sustained above the same. This shows an advance in the bullish momentum of the token’s price.
The MACD metrics have been sustained in the bullish trajectory for a long time. This shows the major trend of the coin being bullish.The RSI has hit the level of 51.06 and followed a bullish cycle. This shows the bulls’ dominance in the momentum of the price.
Bitcoin showed strong bullish momentum, with recent breakouts and vital technical indicators pointing upward.
The price has surged by 14% post-breakout from a descending triangle and continues to trade above the 50-day and 200-day EMAs. High RSI and bullish MACD signal further potential gains.
On the lower side, BTC might take support at $58,500 and $63,250. If the price continues to surge, it might face resistance at $71,900 and $73,800.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
