Bitcoin price has dropped to $68,091.34 after setting the ATH value of $73,750.07 on the 14th of March. After years of struggling in the bearish zone, it has achieved a deserving price. In 2022, there was a time when Bitcoin hit as low as $15,885, and many experienced investors took that as an opportunity to buy at low and sell at high, which is going on right now.

Many addresses are still buying more BTC when the price is this high. This has shocked the community on what they are missing. So what’s happening? Let’s discuss that.

Bitcoin FOMO: 500K Addresses Bought Bitcoin Near ATH

According to the IntoTheBlock data, more than 533,330 addresses got involved in Bitcoin FOMO (Fear of Missing Out), where they bought Bitcoin between the $70,180 to $71,340 price range.

IntoTheBlock is a market intelligence platform that analyses the on-chan data to provide the average acquisition price for any wallet address.

In an X post, an investor, who goes by the name Ali shared the data of Bitcoin holders during different price zones. According to the post, solid support exits between the Bitcoin value of $64,750 and $66,700, where around 382,000 addresses still hold more than 275,000 BTC tokens.

#Bitcoin has established a solid support range between $64,750 and $66,700, where 382,000 addresses hold more than 275,000 $BTC. Monitoring this level closely is crucial, as losing it could shift the focus to the next significant demand zone between $60,760 and $62,790,… pic.twitter.com/QlZzoojSNB

— Ali (@ali_charts) March 15, 2024

Between the value of $60,760 and $62,790, more than 797,500 addresses were holding 298,000 BTC. And the number didn’t deviate much for the case of all-time-high value. More than 533,300 addresses had 433,000 BTC even when the Bitcoin was valued between $70,180 and $71,340.

The data representation was in the form of circles where each circle consisted of important information like minimum and maximum value, average value, total volume, and the total number of addresses.

Microstrategy Still Acquiring More Bitcoins

MicroStrategy has bought $2 Billion worth of Bitcoins in the last six months. In the last fifteen days, $8217 million worth of 12,000 Bitcoin was again acquired by Microstategy.

It was possible because of the Senior convertible notes. The company has sold its $1.2 Billion in senior convertible notes to afford to buy more Bitcoins, which is concerning for many people as funding their Bitcoin holding with debt could cause serious volatility issues shortly.

Because of this, JP Morgan expressed concerns about Microstratgy’s continuous acquisition of Bitcoin. He said: –

We believe debt-funded Bitcoin purchases by MicroStrategy add leverage and froth to the current crypto rally and raise the risk of more severe deleveraging in a potential downturn in the future

MicroStrategy now owns 205,000 Bitcoin, worth over $6.9 Billion, but it’s not the end. The company, Microstrategy has planned to raise $525 Million in funding to acquire more Bitcoins.

Conclusion

It is hard to understand the point of view of these 533,330 addresses as to why they are still continuously holding Bitcoin. Is it because of the Bitcoin FOMO? or something else? It does give the idea that investors trust in the potential of Bitcoin and that it might reach better than the ATH.

Read more about Why the Bitcoin Price Is Crashing.

The post Bitcoin FOMO: People Are Buying Bitcoin Beyond $70 K Price appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am