Bitcoin and other cryptocurrencies remained stable on Wednesday after a significant decline, indicating a bearish trend supported by technical factors.
Key social metrics suggest that cryptocurrency markets may soon rebound, as the use of the term "bear market" has reached an 11-week high on social media platforms, which historically indicates that price rises are likely; additionally, deep-pocketed investors are accumulating Bitcoin again, contributing to a recent rally.
The supply of Bitcoin on crypto exchanges is currently at its lowest level in over half a decade, with only 5.8% of the overall supply sitting on exchange platforms, while Bitcoin is also leading in terms of address activity; meanwhile, the 10 largest addresses associated with Ethereum are holding over 35% of ETH's overall supply, likely due to smaller investors selling off their holdings during the recent market dip.
Long-term holders of Bitcoin are continuing to accumulate the cryptocurrency despite recent market volatility, indicating a bullish outlook for the future, according to analysts from Bitfinex. However, newer long-term holders who acquired their positions during the bear market are showing more unease and have exited their positions during price drops.
The number of bitcoin held in centralized exchange addresses has reached its lowest level in over five years, reflecting growing market sophistication and the rise of services like crypto custodian Copper's ClearLoop, which allows users to trade without moving funds to exchanges. This decline in exchange reserves suggests a shift towards self-custody and a long-term investment approach by investors.
Deep-pocketed Bitcoin holders have accumulated over $1 billion worth of BTC in the last two weeks, while the number of investors holding at least 10 BTC has reached a three-year high; the growth in market caps of the top six stablecoins suggests a potential reversal in the crypto market.
Bitcoin and other cryptocurrencies are experiencing low volatility, which typically leads to further declines, with support expected at a certain level.
Despite the recent downturn in the crypto market, a key Bitcoin metric shows that 95% of the existing supply of Bitcoin has not moved in the past 30 days, indicating strong holding behavior and potential for a price rally with a buy-side catalyst.
Bitcoin's hash rate is near a record high, addresses holding 0.1 BTC are at an all-time high, and the amount of Bitcoin held on exchanges is declining, indicating bullish fundamentals for the cryptocurrency.
Analysts predict increased volatility and a potential recovery for the Ether market as the count of daily active Ethereum addresses reaches a second-highest record, indicating growing demand for the cryptocurrency.
Bitcoin and other cryptocurrencies are experiencing a decline in prices due to a strengthening dollar and risk-aversion, but there is hope for a rebound.
BTC price remains within a range, with analysis showing a shift in the composition of Bitcoin investors, as short-term holders reduce their holdings.
Bitcoin and other cryptocurrencies are rising as traders are optimistic about the potential of a US government shutdown, despite the risk of liquidity drainage.
Bitcoin is expected to continue its upward trajectory, leaving behind traders who are waiting for a further correction, according to crypto analyst Credible Crypto.
Large Bitcoin holders have been accumulating the cryptocurrency since September, leading to predictions of a return to the $30,000 price level, although some analysts disagree with this analysis.
Long-term investors are accumulating Bitcoin at a rapid rate, leading to market illiquidity and a potential price rally.
Cryptocurrencies and other digital assets experienced a slight decline, but remained at high levels as investors hope for regulatory approval of a Bitcoin exchange-traded fund.
