Millions of Bitcoin holders around the world have been put on high alert considering Bitcoin’s latest run. After a three-week low, it has managed to cap things off with a new surge that hit over $27,500 in the past 24 hours. There’s been a positive trend developing in the past 7 days, and with the return of volatility, the crypto hopeful have their fingers crossed for a bull run.
It comes at just the right time as the pioneer cryptocurrency dropped over 11% of its value last month. While it’s not out of the woods yet, the most recent developments are certainly positive, showing that there’s still hope for a greater surge this autumn or winter.
Positive Price Movement
All the technical are pointing to a positive price movement. The key resistance is currently at $29,200. This has been the point of acquisition for nearly 2 million addresses. Of course, the market sentiment plays a major part in the price movement. But, in the past few weeks, Bitcoin has had a great rebound, going up by nearly 10% from lows of around $24,900 to current highs in the mid-$27,000s.
It has created a lot of buzz in the crypto community as the volatility has kind of stalled in recent times. If we take a deeper dive into the stats, there are some interesting insights. Over 31,3 million Bitcoin addresses currently hold more than $12 million BTC. These are in the green. On the other hand, 16.02 million addresses hold nearly 6.5 million BTC which are in the red. The highest concentration of loss-making addresses falls within the $43,260-$67,400 price range. But, the highest concentration of loss-making coins were bought in the range between $27,280 and $30,330. This range corresponds to the cryptocurrency’s latest prices.
The Surge Continues
Bitcoin’s price surge continues and traders and investors couldn’t be happier. Right now, the focus is on reaching $29,200. That’s the resistance level that over 2 million investors hope to reach. All eyes are on the crypto space as action unfolds, and the sentiment will be the ultimate decider.
Major crypto analyst firm Santiment has a positive forecast ahead. It bases its opinion on the high Tether supply on crypto exchanges which has reached 24.1%, its highest point since March. This trend coincides with an overall decrease of Bitcoin and Ethereum supplies on said exchanges. It shows that investors prefer to retain their assets instead of trading them at the moment.
The rising USDT supplies and shrinking BTC and ETH supplies can be connected to foresee a potential uptick in future markets. Bitcoin’s recent surge in unique addresses also plays a part in positive price developments. This metric hasn’t made an appearance since April this year. It shows increased engagement with the Bitcoin ecosystem and supports Santiment’s optimistic sentiment.
It seems that we’re in for a very interesting autumn and winter. September is nearly over, but that doesn’t mean it won’t end wildly with a bull run. We hope that happens soon enough, as the crypto market needs it direly.