Posted 2/1/2024, 11:00:00 AM
Bitcoin Price Bounces Off $38K Support as Whales Accumulate and On-Chain Metrics Turn Bullish
- Bitcoin price bounced from $38,000 support level, which is the short-term holder's realized price
- Short-term holders sold at a small loss when price hit $38,000, suggesting a potential bottom
- Bitcoin whales are accumulating, with wallets holding 1,000-10,000 BTC at high levels last seen in December
- Bitcoin ETF holdings continue rising while selling pressure from GBTC cools down
- On-chain data shows increased demand and declining supply, which could positively impact price