End of hibernation. No less than 1,000 BTC mined in 2010 have just woken up. Indeed, BTC dating from the Satoshi Nakamoto era have just suddenly moved. Has a Bitcoin miner decided to sell his precious BTC?
In 2023, Bitcoin turns out to be one of the most profitable assets, significantly outperforming assets like gold, the NASDAQ or the S&P 500. However, yesterday, sellers were around $44,000. Are buyers running out of steam? Here is the Bitcoin bulletin!
This analysis of the Bitcoin price is offered to you in partnership with CryptoTrader and its algorithmic trading solution finally accessible to individuals.
Bitcoin price falls by more than 1% in 24 hours
Yesterday, sellers regained the advantage over the price of Bitcoin. In fact, the course displays a drop of more than 1% in 24 hours. However, the price remains on an increase of more than 10% in one week :
| Peer | 1H | 24H | 7D | 1M | 3M | 6M |
|---|---|---|---|---|---|---|
| BTC/ETH | -0.01% | -5.96% | 0.29% | -2.43% | 15.50% | 24.34% |
| BTC/USDT | -0.13% | -1.14% | 13.68% | 22.92% | 67.59% | 68.36% |
| BTC/USD | -0.13% | -1.15% | 13.70% | 22.90% | 67.64% | 68.29% |
Bitcoin is underperforming Ethereum in the last 1 month by -2.43% while the BTC price in USD increased by 22.90%.
Bitcoin performance against different pairs. Source: Coincheckup
In one month, BTC shows a increase of 23%. While BTC falls slightly, Ethereum is on fire. The BTC/ETH pair drop of almost 6% in 24 hours. Are capital finally heading towards the prince of cryptocurrencies?
After a hesitation, the different cohorts accumulate bitcoins again
The indicator Trend Accumulation Score by Cohort is an on-chain indicator that allows you to see if the operators are accumulating, or distributing BTC. If the indicator approaches 1 (blue) it is that the operators accumulate. On the other hand, if the indicator falls towards 0 (red)the cohorts distribute :
According to information from Glassnode, the different cohorts have started to accumulate from October. Then there was a slight change in behavior around $40,000. While the price is clearly above, the operators decide again toaccumulate. A form of FOMO is it being established? Entities with more than 1,000 BTC (whales) also decided to get back to buy BTC.
Bitcoin price falls below $44,000
Yesterday, the course was rejected at the level of the resistance at $44,000. From then on, the course is back at the level of institutional bias (EMA 9/EMA 18) bullish :
This level could act as dynamic support. If this is the case, the price could once again test the $44,000 zone. On the other hand, if the moving averages 9 and 18 are not enough, the price could return to the level of support at $42,000. A level that buyers will have to defend to avoid breaking the last low marked at $41,160. The RSI marks a bearish divergence with the fence below 71. This indicates a certain shortness of breath.
After a slight hesitation, the different cohorts decided to accumulate BTC again. Among the operators who are starting to accumulate again, we find whales with more than 1,000 BTC. The price stuck at $44,000, and a bearish divergence emerged on the RSI. Is the price running out of steam? In this case, BTC could start to set up a range, and altcoins could benefit from this.
Bitcoin news that matters:
- The price of Bitcoin is explosive in 2023, it is experiencing bullish volatility which resembles bull markets. It is also one of the most profitable assets in 2023. The king of cryptocurrencies is trading above $40,000.
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