Bitcoin (BTC), the largest cryptocurrency by market cap, has made history with its recent trading near the $42,560 range.
Bitcoin (BTC), the largest cryptocurrency by market cap, has made history with its recent trading near the $42,560 range.
According to the cryptanalyst AliAn impressive total of 912,626 BTC has been traded within the $42,560 price range, marking it as the biggest zone of interest for Bitcoin to date.
Bitcoin price surpassed $43,000 in trading on Friday as the cryptocurrency rebounded from Thursday’s low of $41,846.
Currently, Bitcoin has retreated slightly below Friday’s high of $43,700, but the bulls have not given up much ground. At the time of writing, BTC was down 0.36% in the last 24 hours to $42,985, according to data from CoinMarketCap.
Overall, Bitcoin price has traded in a range since mid-January, fluctuating between $40,144 and $43,872.
According to on-chain data, Bitcoin is experiencing one of its biggest accumulation streaks in nearly three years. In the last 24 hours, Riyad Carey, a Kaiko researcher, reported a purchase of 600 BTC on Coinbase worth $25 million.
Notably, Bitcoin’s accumulation trend score has been at one for the previous four months, indicating that larger entities are accumulating BTC.
According glass nodeBitcoin’s price performance since the 2022 lows is strikingly comparable to previous cycles, although it is recovering in a slower but more resilient manner.
Despite a small increase in spending on ancient coins following the approval of ETFs, most long-term Bitcoin investors are still unwilling to sell their coins at current levels.
Bitcoin’s realized cap remains just 5.4% below its previous ATH of $467 billion, and is currently witnessing strong capital inflows. However, the time required for this recovery to accelerate has been significantly longer than previous cycles, possibly due to the significant oversupply of trades such as GBTC arbitrage.
