Bitcoin is an outbreak? On-Chain data to provide answers

Bitcoin has fallen on the weekend and major investors have taken advantage of this opportunity to buy. At the same time, many miners to keep their hands still, and sell less of Bitcoin. When crack of course the 50,000-US-Dollar mark?

After Bitcoin and many other Altcoins have fallen on the last Sunday sharply, investors have taken the opportunity and aggressively bought. Within the last 24 hours the price of Bitcoin could rise to 5.01 percent, and the cost of the editorial deadline for a BTC 48.993 US Dollar.

Thus, the BTC price is currently just below its all-time high of 49.668 US Dollar, which was also reached in the Morning. In addition, some On-Chain data suggests that we trend continue to find ourselves in a strong upward.

Bitcoin Miner Hodln

In the past, BTC Miner for Bitcoin-course catered for corrections. While the miners were the reason that BTC could not crack last weekend, the $ 50,000 mark, it now seems that they have stopped the sale as well as.

Currently, the level of sales is located by Miner on a similar Level as before the price rise of Bitcoin by the end of 2020.

This Trend is evident when you look at the data from Crypto Quant look at. BTC-sales by Miner currently on a multi-month low and in the last few weeks, becoming less and less Miner Bitcoin sold on the market.

Bitcoin whales fill the bags

Large investors have taken advantage of the decline of the last days and aggressively Bitcoin purchased. Data Whalemap show that the crypto-currency developed a strong Support Zone between the rate trademarks of 46,600 US Dollar and expenses 48,500 dollars. This is exactly the level of the course have used the Bitcoin whales in the last few days, your BTC holdings to continue to expand.

Currently, the course is located just above this Region, which means a high probability that greater is upward movement.

New all-time high only a matter of time

According to Ki Young-Ju, the CEO of the crypto analysis company crypto Quant, there are plenty of stablecoins in the crypto-exchanges to fuel a further rally. At the crypto-market capital is stored, often in stablecoins instead of in cash or in the Bank account, because it is much easier and faster on a stock to buy. Yu believes that currently the ideal time for long-term investors to buy Bitcoin.

In addition, the Narrative of the Bitcoin acceptance of enterprises and institutions was never so strong as it is today. Coupled with the combination of the rapid recovery of the last few days, the Sales go back through the Miner and the extremely high Stable Coin reserves seems to be a further increase in the price of Bitcoin is currently little in the way of that.