With its recent trading close to $42,560, Bitcoin (BTC), the largest cryptocurrency by market capitalization, has created history.
The $42,560 price range has seen an amazing amount of 912,626 BTC exchanged, according to crypto analyst Ali, making it the most important interest zone for Bitcoin to date.
In Friday’s trade, the price of Bitcoin surged beyond $43,000, recovering from Thursday’s $41,846 low.
https://x.com/ali_charts/status/1753449539808174171?s=20
Although Bitcoin has now marginally dropped below its peak of $43,700 set on Friday, bulls have not given up much ground. According to CoinMarketCap statistics, BTC was down 0.36% over the previous day at $42,985 at the time of writing.
Since mid-January, the price of Bitcoin has generally been between $40,144 and $43,872.
On-chain data indicates that Bitcoin is going through one of its biggest accumulation streaks in over three years. Kaiko researcher Riyad Carey revealed a purchase of 600 Bitcoin on Coinbase valued at $25 million on the previous day.
Notably, for the past four months, Bitcoin’s accumulation trend score has remained at one, suggesting that larger corporations are amassing BTC.
While it has recovered more slowly but steadily, Bitcoin’s price behaviour since the 2022 lows is very similar to past cycles, according to Glassnode.
The bulk of long-term Bitcoin investors are still reluctant to sell their coins at current prices, even if there has been a little rise in older currency spending after ETF approvals.
Bitcoin is now seeing strong capital inflows, and its realised market capitalization is only 5.4% behind its previous all-time high of $467 billion. But compared to other cycles, this recovery has taken a lot longer to pick up speed. This might be because of the large supply overhang created by transactions like the GBTC arbitrage.
