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Bitcoin’s price surged to $67,500, recovering from a 22% correction. Last week, we emphasized the significance of the $60,000 price level. Now, with more data, BeInCrypto solidifies the analysis. Bitcoin Technical Outlook Bitcoin’s recent price action has validated last week’s insights. The price broke above the 1D Ichimoku Cloud, reaching $67,500. Currently, it has encountered short-term resistance at $67,300. If Bitcoin breaks above this level, it could easily surge to $70,000, with resistance at $68,300. BTC/USDT (4H/1D): TradingView Delving Deeper Into Bitcoin On-Chain Data Realized capitalization (realized cap) is the total value of all Bitcoins in circulation, calculated based on the price at which each Bitcoin was last bought or moved. It’s like adding up all the purchase prices of every Bitcoin currently held. It shows how much money has been invested into Bitcoin, considering the historical prices at which these coins were acquired. Realized Cap of Address Cohorts: CryptoQuant This chart illustrates the realized capitalization of different Bitcoin address cohorts over time: New Whales: Addresses holding more than 1,000 BTC with an average coin age of less than 6 months. Old Whales: Addresses holding more than 1,000 BTC with an average coin age of more than 6 months. Addresses (Balance > 10K): Addresses holding more than 10, 000 BTC. Since January, the realized capitalization for new whales has steadily increased, indicating active accumulation of BTC by new large investors. In contrast, the realized cap for old whales remains relatively stable, showing that long-term investors hold onto their Bitcoin. The gradual growth in the realized cap for addresses holding over 10,000 BTC reflects the slow but steady accumulation by the largest Bitcoin holders. This indicates that even the biggest investors are gradually increasing their Bitcoin positions. Unrealized PnL by Address Cohorts: CryptoQuant Unrealized profit and loss reflect the potential gains…

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Filed under: News - @ May 21, 2024 7:16 am