Bitcoin Price Prediction as $8 Billion Trading Volume Comes In – Is the BTC Sell-Off Finally Over?
In light of a remarkable $8 billion trading volume influx, Bitcoin's future valuation has become a hot topic among traders and investors.
This surge has sparked a flurry of speculation - could this be the end of Bitcoin's recent sell-off?
This Bitcoin price prediction seeks to explore potential Bitcoin price trajectories and discuss whether we are witnessing the conclusion of the cryptocurrency's recent downturn.
Recent data from on-chain analytics firm Glassnode reveals a record-breaking level of inactivity in Bitcoin's supply.
According to the firm's tweet, about 40.083% of the total Bitcoin supply has been dormant for over three years, marking an unprecedented event in the cryptocurrency's history.
This suggests that a substantial number of Bitcoin owners have held onto their assets, unfazed by the drastic price swings that are a hallmark of the Bitcoin market.
Supply dormancy is a term used to denote the length of time Bitcoin has remained untouched or untraded in a wallet.
The more extended this period, the greater the supply dormancy. Analysts frequently use this metric to understand investor behavior and market sentiment.
Elevated levels of dormancy usually signify a 'hodling' behavior, which sees Bitcoin owners or 'hodlers' retain their assets through market ups and downs, foreseeing a long-term increase in value.
Currently, Bitcoin holds a price tag of $26,800, and technically speaking, it has found a buffer at the $26,300 level, successfully halting its downward trajectory.
The previous support level of $26,800 on the four-hour chart, once breached, now poses a potential hurdle for Bitcoin, serving as a resistance level.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), key
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