ON-CHAIN Analysis — Bitcoin #6
Bitcoin’s market cap is $771.82 billion. The 1-week volume of BTC is $281.80 billion.
Based on the exchange’s net position change indicator, it tracks the 30-day change in Bitcoins bullish on exchanges’ wallets. As of March 1, 2022, nearly 1,000 B March as exchanges. Furthermore, this outflow extension has only been witnessed five times in the decade-long history of BTC.
All this indicates that investors are betting on a better performance of the big cryptocurrency in a longer term.
A high similarity outlook for Bitcoin price distribution of supply by holding balance is a similar outlook for Bitcoin. This index shows that there has been a net increase in whales holding between 100,000 and 1,000,000 BTC from 2.93% in December 2021 to 3.47% to date. This increase in the measure is the most apparent that suggests institutional investors’ intent.
The indicator tracks the number of BTC held in centralized and can serve as a selling pressure estimating entity if things go wrong. Typically, a spike in this metric often leads to a sale. However, for Bitcoin, this indicator has been in a downtrend since March 2020.
The total number of BTC on exchanges has dropped to 1.91 million, a level last seen on Dec 6, 208, indicating that investors are confident in Bitcoin’s price performance.
The Bitcoin price appears to be on the lookout to initiate a major on-chain bailout and is actively supporting this outlook. However, a daily candlestick close below the $34,752 support level will ensure that BTC continues to fall. Such a development can offer a support capability. Therefore, investors need to be aware of sell stops below the $30.00 level as BTC may give away this liquidity ahead of a 2022 rally.
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