Market Overview: Bitcoin’s price trajectory has been nothing short of impressive, with a recent surge of nearly 13%, touching the $35,157 mark before a slight pullback. Currently, Bitcoin stands strong at $34,068, marking an 11.55% increase in the past day.
Should the day end on a positive note, it would be Bitcoin’s sixth consecutive day of green, accumulating to a weekly gain of 20%.
On-Chain Analysis Insights: IntoTheBlock, a renowned on-chain analytics firm, emphasized Bitcoin’s effortless breach of the $30,000 mark. The current on-chain data reveals that a whopping 80% of Bitcoin holders are now in profit, a sentiment echoing the 2021 bull market peak.
Furthermore, there’s a notable 27% uptick in the 30-day Bitcoin holdings by short-term investors, a typical trend in bullish scenarios.
IntoTheBlock’s analysis suggests minimal on-chain resistance as Bitcoin gears towards the $40,000 mark, with the $30,000 threshold likely serving as a robust support during potential pullbacks.
Technical Analysis: Crypto expert, Ali, highlighted Bitcoin’s formidable support zone ranging between $25,000 and $30,000. Based on the UTXO Realized Price Distribution (URPD) model, if Bitcoin successfully surpasses the $38,440 resistance, it could potentially set its sights on a staggering $47,000.
Catalysts for the Surge: The Bitcoin community buzzed with excitement as BlackRock’s iShares spot Bitcoin ETF IBTC got listed with the Depository Trust and Clearing Corporation (DTCC), hinting at a potential nod from the SEC. Eric Balchunas, a Bloomberg ETF specialist, mentioned this as a standard procedure in the crypto ETF launch process.
Moreover, bearish bets against Bitcoin have cost traders a hefty sum, exceeding $178 million in just a day, as Bitcoin soared past significant resistance levels. This monumental rise, attributed to low trading volumes and heightened demand, added billions to the market cap in mere hours. Additionally, Bitcoin’s daily chart showcased a bullish pennant resolution.
