Bitcoin recovers $93K, specific group now earning profits; Potential paves way for $100K?
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- *Bitcoin clawed its way back to reclaim the Short-Term Holder (STH) cost basis, a crucial level often defining near-term trend direction.
- A bullish continuation above $93k remains likely.
What went down in Q1 with Bitcoin [BTC]? Well, a 13% drop, mostly due to a 18% plunge in February, causing a significant market correction. The dip continued into March, triggering a STH capitulation phase, causing a surge in realized losses and pushing the price down to $77k.
But hold up, ya heard? Despite this, whales kept buying! The move was fueled by macroeconomic chaos and a shift in risk appetite.
This strategic influx of capital lit the fuse, blasting through two key resistance zones, triggering a wave of leveraged position liquidations.
Bitcoin currently trades at $93,700, marking a 14% rebound since March.
Now, check this out: Bitcoin smashed through the STH cost basis for the first time since mid-February, signaling a shift in market structure and sentiment.
Source: Glassnode
Flippin' Above the STH Realized Price: A Key Reversal Signal
On 22nd April, Bitcoin scored a 6.82% single-day surge, topping out at $93,489, a level that hadn't been tested in over a month.
What did this do, man? It Boosted the profit margin of STHs who'd been underwater for over a month. Why's that matter? It's a potent FOMO trigger.
If Bitcoin maintains its pace, short-term investors are likely to HODL, eyeing fat returns. This bull run may convince 'em they've gotta ride it out to score max gains, even after the bloodbath in March.
In fact, at $93,986, 11.72k BTC were bought- the highest daily purchases of the month. This move signifies a shift, with strong outflows into wallets, reinforcing the belief in a bullish continuation.
Source: CryptoQuant
With increased whale participation and the changing sentiment of STHs, Bitcoin's market structure has undergone a radical change.
The path of least resistance now points toward higher price action and more bullish discoveries.
These days, we're kinda thinking:
- Take a Survey: Win $500 USDT
- How's the SEC delaying that Polkadot ETF decision goin' down, behind-the-scenes?
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- Bitcoin's resurgence in Q1 was marked by a significant drawdown, with a 13% drop in Q1, mainly due to a 18% plunge in February, which caused a STH capitulation phase.
- Despite the capitulation, the strategic influx of capital from whales helped Bitcoin blast through two key resistance zones, triggering a wave of leveraged position liquidations.
- Bitcoin currently trades at $93,700, marking a 14% rebound since March, and it has recently surpassed the STH cost basis, signaling a shift in market structure and sentiment.
- In fact, with the increase in whale participation and the changing sentiment of STHs, Bitcoin's market structure has undergone a radical change, with strong outflows into wallets reinforcing the belief in a bullish continuation.
- If Bitcoin maintains its pace, short-term investors are likely to HODL, eyeing fat returns, and this bull run may convince them they've got to ride it out to score max gains, even after the bloodbath in March.
- With increased whale activity and the changing sentiment in the market, the path of least resistance now points toward higher price action and more bullish discoveries in finance and investing, particularly in the realm of DeFi and crypto.
