The Bitcoin price has flipped green today, rising above the psychological $73,000 level. This follows an announcement that the U.S. military has begun a mine clearance mission in the Strait of Hormuz, a positive development as the U.S. and Iran negotiate to end the six-week war. Ad Ad Bitcoin Price Recovers as U.S. Clears Mines
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Bitcoin price has been on a downtrend for 2 months and failed to hold upside momentum, with bulls turning weak. Bitcoin on-chain data reveals long-term holders (LTH) are currently not selling following a peak at Bitcoin all-time high.
Long-Term Bitcoin Holders Remain Bullish
CryptoQuant verified on-chain analyst Axel Adler Jr in a post on X on May 11 shared a key on-chain metric indicating that long-term holders are not currently their holdings. Bitcoin price has struggled to recover fully due to macroeconomic concerns such as Fed rate cut jitters.
Long-Term Holder Spending Binary Indicator showed Long-Term Holders (LTH) sold 1.3 million BTC when Bitcoin hit over $73,000. However, they are not currently selling their BTC holdings anymore.
The smart money are looking to enter Bitcoin at the local bottom. “They currently have a lot of cash, around 1.3 million BTC,” he added.
Furthermore, he believes it is the perfect time for a deep correction to filter out all the non-serious crypto investors. Short Term-Holders (STH) had three major profit-taking events at levels 28K, 44K, and 72K, but there was only deep correction in August-September last year.
May has key events next week such as PPI, CPI and Fed Chair Jerome Powell’s speech. The recent University of Michigan consumer sentiment data revealed a fall from 77.2 in April to 67.4 in May, the lowest in six months and also missed market expectations of 76. Furthermore, inflation expectations for the year ahead rises to 3.5%, a six-month high from 3.2% in April. Also, the five-year inflation outlook hit 3.1% from 3.0%.
Also Read: Ripple CEO Brad Garlinghouse Answers SEC Appeal, Crypto Predictions, Next Black Swan
Bitcoin Price Aims to Recover?
The US government’s budget surplus in April expanded to $210 billion from $176.2 billion a year earlier, driven by higher tax receipts that outpaced increased spending.
BTC price increased nearly 1% in the last 24 hours, with the price currently trading at $61,6009 Bitcoin tumbled from a high of $63,446 as it failed to sustain upside momentum after a recent breakout. Ethereum and other altcoins also fell 2-4%. The recent fall raised doubts about the crypto market recovery later this year.
Altcoin Market cap is still holding the $250 billion well as support, positioning itself for a future move to the upside via the black pathway, said popular analyst Rekt Capital.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In what comes as a remarkable breakthrough for the world’s first-ever digital currency, Bitcoin, the token recently topped the $73K mark today, March 13, scaling a new ATH (All-Time-High) as of press time. With a pre-halving bullish sentiment prevailing within the broader crypto market for BTC, this pump sparked immense curiosity as on-chain insights unveiled by a tracker showcased a smart whale nabbing over $200 million in profit just prior to the abovementioned toping of the $73K mark.
This birthed immense bullishness among crypto market traders and investors globally as BTC continues to scale new heights amid the approaching Bitcoin halving. With sentiments of a crypto market bull run existing, derivatives data further hinted at an uptrend for BTC, fueling up the optimism birthed with the smart whale’s garnering of significant profits with BTC selloff.
Smart Whale’s Selloff: A Closer Look
According to the insights unveiled by the tracker Lookonchain, as the BTC price neared the $73K mark today, the smart whale going by the address bc1pj… deposited 100 BTC to Binance, one of the world’s leading exchanges, to garner profits. The address amassed a profit totaling $217 million with the aforementioned selloff, nabbing significant attention among crypto market investors. Whereas, this whale accumulated BTC as of August last year, and following the selloff, the address still held 4.3K NTC, worth $313 million.
This sparked optimism among traders and investors over Bitcoin’s potential to offer income to investors over time. Meanwhile, with the recent inception of the BTC ETFs further weighing in, Bitcoin continued making waves across the crypto horizon.
Also Read: XRP Price To Hit $2 By May Before Reaching ATH, Pro-XRP Lawyer Predicts
Bitcoin Price Jumps
As of writing, Bitcoin’s price noted an uptick of 2.19% over the past 24 hours and is currently trading at $73,260. As the token scaled a new ATH today, its market cap and 24-hour trading volume surged 2.16% and 16.66%, respectively.
Coinglass‘ data showcased a substantial spike in the token’s open interest and volume, jumping 2.89% and 28.82%. This added on to the bullishness painted by BTC, signaling an uptrend in the market when aligned with today’s price upswing. The OI-weighted funding rate bumping again, reaching $0.0635%, further underscored investors’ readiness to invest more in BTC long positions, birthing bullishness on the token. However, crypto market enthusiasts extensively eye the token for future price action shifts as RSI pointed out an overbought condition, illustrating a consolidatory phase might be imminent.
Also Read: Binance Announces Removal Of BNB & TUSD Spot Trading Pairs, What’s Happening
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Spot Bitcoin ETFs set another record, witnessing the highest single-day net inflow since the launch of Bitcoin ETF in the United States. The record net inflow of over $1 billion helped Bitcoin rebound from a decline after hotter CPI inflation data and hit a new all-time high of $73K.
Spot Bitcoin ETF Records $1.05 Billion New Inflow
Net inflow into spot Bitcoin exchange-traded funds (ETF) reaches $1.05 billion on March 12, according to data by SoSoValue. The massive inflow came on the back of the second-highest volume day for the 10 Bitcoin ETFs. In fact, it was the best day in the past five weeks, with $8.5 billion.
Bloomberg senior ETF analyst Eric Balchunas said only five stocks have recorded higher trading volumes than $8.5 billion. BlackRock’s iShares Bitcoin ETF (IBIT) nearly $4 billion in volume, VanEck Bitcoin Trust ETF (HODL) and Invesco Galaxy Bitcoin ETF (BTCO) recording $150 million and $250 million volumes indicate huge demand in other ETFs. VanEck recently cut its Bitcoin ETF management fees to 0% for the next twelve months.
BlackRock’s iShares Bitcoin ETF (IBIT) saw $849 million inflow, breaking records of the highest inflow to date. Following the latest inflow, BlackRock’s net inflow hit over $11.44 billion and asset holdings jumped over $14.5 billion.
Fidelity Bitcoin ETF (FBTC) and Ark 21Shares (ARKB) Bitcoin ETF saw $51.6 million and $93 million inflows, respectively. Bitwise (BITB) and other spot Bitcoin ETFs saw marginally low inflows. VanEck Bitcoin ETF (HODL) saw an inflow of $82.9 million due to 0% fees amid higher competition.
In addition, GBTC recorded another outflow of $79 million, a welcomed fall indicative of Genesis’ GBTC selloffs reaching the end. Crypto lender Genesis received bankruptcy court approval to sell 35 million GBTC shares worth $1.3 billion. Notably, GBTC net outflow to date has reached over $11.12 billion.
Also Read: Bitcoin Leveraged Bets Surge Amid Strong Demand for Bitcoin Futures ETFs
Bitcoin Price Hits $73K
BTC price jumped over 2% in the past 24 hours to hit a new all-time high, with the price currently trading at $73,067. The 24-hour low and high are $68,728 and $73,182, respectively. Furthermore, the trading volume has increased slightly in the last 24 hours, indicating a rise in interest among traders.
Bitcoin futures and options open interests (OI) remain at record levels, with total futures OI rising over 3% to $36.97 billion, as per Coinglass data. CME Bitcoin futures OI hits new record high $11.47 billion. Bitcoin price to $100K prediction remains intact despite sentiment towards consolidation due to sky-high funding rates.
Also Read: Ethereum Put Options Demand Surges, ETH Price Correction Soon?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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