BTC’s Network Activity Rises above $55,000 Price Level

Friday, 03/12/2021 | 12:17 GMT by Bilal Jafar
  • More than 2.2 million BTC were moved between the $55,000 and $60,000 price range.
bitcoin

Bitcoin’s steady price movements between $55k and $60k have increased its on-chain activity. While the digital asset is currently in a consolidation phase, a large portion of the overall BTC supply has started moving between the mentioned price range.

Glassnode’s latest data indicates that more than 2.2 million coins were last moved between $55,000 and $60,000. The price level of $55,000 has acted as decent support in the last few days. However, the crypto asset has seen strong resistance near $60,000.

“The Bitcoin market currently sits in one of the largest realized value clusters. Over 2.208 million BTC have last moved on-chain between $55k and $60k. The next large cluster between $60k and $63k may act as resistance, whilst support can be found at $50k and again at $42k,” Glassnode mentioned.

Bitcoin’s recent market correction has caused panic among short-term holders. However, large institutional holders called the latest dip a 'normal' price decline in its history. Additionally, a positive sign for long-term BTC holders is that the market cap of Bitcoin has not dropped below $1 trillion since October 2021.

Stable Market

Commenting on the recent stability in the crypto market and Bitcoin’s mass adoption, Paolo Ardoino, CTO at Bitfinex, said: “Markets appear to be in wait and see mode as we head towards the end of the year. Rather than focus on price movements, I would urge the industry as a whole to contemplate just how far we’ve come in what has been another monumental year for the digital token economy. Whether you consider the continued ascent of Defi or the emergence of the Lightning Network as an undeniable force in achieving mass adoption in bitcoin payments , the silence of bitcoin’s critics is noticeable.”

El Salvador's bitcoin bond is the most recent example of how the space is evolving in ways seemingly unimaginable during the crypto winter. I would urge the industry to unite and give itself a collective pat on the back for all that has been achieved,” Ardoino added.

Bitcoin’s steady price movements between $55k and $60k have increased its on-chain activity. While the digital asset is currently in a consolidation phase, a large portion of the overall BTC supply has started moving between the mentioned price range.

Glassnode’s latest data indicates that more than 2.2 million coins were last moved between $55,000 and $60,000. The price level of $55,000 has acted as decent support in the last few days. However, the crypto asset has seen strong resistance near $60,000.

“The Bitcoin market currently sits in one of the largest realized value clusters. Over 2.208 million BTC have last moved on-chain between $55k and $60k. The next large cluster between $60k and $63k may act as resistance, whilst support can be found at $50k and again at $42k,” Glassnode mentioned.

Bitcoin’s recent market correction has caused panic among short-term holders. However, large institutional holders called the latest dip a 'normal' price decline in its history. Additionally, a positive sign for long-term BTC holders is that the market cap of Bitcoin has not dropped below $1 trillion since October 2021.

Stable Market

Commenting on the recent stability in the crypto market and Bitcoin’s mass adoption, Paolo Ardoino, CTO at Bitfinex, said: “Markets appear to be in wait and see mode as we head towards the end of the year. Rather than focus on price movements, I would urge the industry as a whole to contemplate just how far we’ve come in what has been another monumental year for the digital token economy. Whether you consider the continued ascent of Defi or the emergence of the Lightning Network as an undeniable force in achieving mass adoption in bitcoin payments , the silence of bitcoin’s critics is noticeable.”

El Salvador's bitcoin bond is the most recent example of how the space is evolving in ways seemingly unimaginable during the crypto winter. I would urge the industry to unite and give itself a collective pat on the back for all that has been achieved,” Ardoino added.

About the Author: Bilal Jafar
Bilal Jafar
  • 2440 Articles
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About the Author: Bilal Jafar
Bilal Jafar holds an MBA in Finance. In a professional career of more than 8 years, Jafar covered the evolution of FX, Cryptocurrencies, and Fintech. He started his career as a financial markets analyst and worked in different positions in the global media sector. Jafar writes about diverse topics within FX, Crypto, and the financial technology market.
  • 2440 Articles
  • 75 Followers

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