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Bitcoin Investor Confidence Highest Ever as BTC Price Closes on $70K

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Investors have never been more confident in Bitcoin according to a recently released on-chain analytics report by Glassnode.

In its weekly on-chain report, Glassnode has stated that investor confidence is at a peak as price and on-chain metrics for Bitcoin continue to improve.

It added that there had been continued strength in on-chain supply dynamics, and activity remains well below bull market highs, suggesting there is more room to grow.

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“Bitcoin investor conviction appears to be at all-time-highs, alongside numerous metrics ranging from price, to hash-rate, to proportion of mature coin supply.”

The report noted that long-term holders had released a very small proportion of their holdings, and exchange balances continue to diminish.

Bitcoin Now Larger Than Tesla and Facebook

Bitcoin has now flipped Tesla and Facebook in terms of market capitalization. At the time of writing, the BTC market cap was $1.27 trillion, which puts it above Tesla’s $1.16 trillion but just below that of the global silver market, which is worth $1.37 trillion. Amazon is the next largest company by this metric with $1.76 trillion.

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Glassnode added that typical behavior as Bitcoin prices approach and make new highs is that long-term holders usually begin their distribution. Since BTC topped $66K, long-term holders have spent 0.73% of the coin supply back into liquid circulation.

The rate of long-term accumulation exceeded 400,000 coins per month for around 5-months through to late September. This has now returned to a neutral level, the paper added, and more coins are maturing to long-term holder status as investors are reluctant to sell them.

“Over 85% of the coin supply has remained dormant since August 2021. Investors are just not spending their coins.”

The report explained that the current spending patterns appear to be closer to taking strategic profits as opposed to a market-wide exit on the belief that the asset is overpriced.

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BTC Closes on $70K

Bitcoin prices have just hit a new all-time high during the Tuesday morning Asian trading session. According to CoinGecko, BTC tapped $66,700 just a few hours ago.

The asset has gained 4% on the day at the time of writing and is now just 3% away from the psychological $70K price level.

Total crypto market capitalization has also hit an all-time high today of $3.08 trillion, according to the analytics platform.

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Peter Schiff Names Real Reason Behind Bitcoin Drop

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Popular digital assets critic believes that measures against inflation are the real reason behind the most recent market correction

The famous Bitcoin and crypto critic, Peter Schiff, provided his Twitter subscribers with a potential reason behind one of the largest corrections on the cryptocurrency market this year.

According to Schiff, Bitcoin’s correction was tied directly to the Fed’s action toward risk assets like cryptocurrencies and some stocks. Previously, Jerome Powell hinted that tapering might happen sooner than the market expects.

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In addition to the end of the quantitative easing monetary policy, Powell has stated that the point rate may be increased sooner than was expected due to the inflation’s change of nature, which has become a real threat to the country’s economic safety and stability.

All of the actions that the Fed is currently taking are designed to control inflation, which is currently hitting highs previously observed back in the Depression era.

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High-risk assets like Bitcoin and other digital assets were allegedly considered a store of value for those who wished to protect their funds from increased inflation. Schiff is a widely known critic of cryptocurrencies, and he believes they should not be considered an inflation hedge.

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Whales Suddenly Move $320,000,000 in Bitcoin to a Single Destination – Here’s Where the Crypto Is Headed

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Crypto whales just moved over 5,800 Bitcoin (BTC) worth more than $327 million into a single destination, according to a whale-surveilling platform.

Whale Alert tells its 1.8 million followers in a series of tweets that in the last 24 hours crypto whales are relocating thousands of BTC amid a correction that saw Bitcoin tumble to a new 30-day low of $52,416.

Five of the transactions involved shifted BTC from wallets of unknown origins to popular US-based crypto exchange Coinbase. Meanwhile, one transaction moved a large sum of Bitcoin from global crypto exchange Binance to Coinbase.

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Here’s a summary of the BTC transactions:

While crypto investors tend to be concerned that a massive influx of Bitcoin into the crypto exchanges might indicate downward selling pressure, insights firm Into the Block reports that centralized exchanges recorded more outflows than inflows during the past week.

The crypto intelligence platform says,

“Bitcoin recorded nearly $2 billion in net outflows from centralized exchanges, the highest level in five weeks.”

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At time of writing, BTC is down nearly 7.14% on the day to $52,557.

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Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover?

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  • Ethereum price analysis is bullish today.
  • ETH/USD rejected further downside at $3,600.
  • Previous support at $3,950 is currently tested as resistance.

Ethereum price analysis is bullish today as we expect further recovery to follow after a strong reaction higher from the $3,600 was seen this morning. Likely ETH/USD is set to break above the current resistance, moving to regain even more over the weekend.

Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover? 1
Cryptocurrency heat map. Source: Coin360

The market has seen strong bearish momentum over the last 24 hours. The market leader, Bitcoin, has lost 17.23 percent, while Ethereum 14.83 percent. Meanwhile, the rest of the market has seen even more substantial losses.

Ethereum price movement in the last 24 hours: Ethereum breaks below $3,950 previous support, rejects more downside at $3,600

ETH/USD traded in a range of $3,739.39 – $4,647.29, indicating extreme volatility in the market. Trading volume has spiked by 113 percent, totaling $41.2 billion, while the total market cap trades around $465 billion, resulting in the market dominance of 21.16 percent.

ETH/USD 4-hour chart: ETH reacts back to previous lows

On the 4-hour chart, we can see the Ethereum price swiftly rejecting further downside after touching the $3,600 mark this morning.

Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action saw strong bullish momentum during the first half of the week. After establishing and retesting the new low at $3,950 last weekend, ETH/USD started to move higher on Monday quickly.

Ethereum reached $4,750 resistance by Wednesday, as bulls were eager to move towards the previous all-time high. However, more upside did not follow, leading to a reversal over the next days.

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Another attempt to test upside was seen Yesterday, with the following rejection leading to a strong spike lower. Overnight, the Ethereum price broke past the previous swing low at $3,950, leading to more downside this morning. Strong reaction, preventing further downside, was seen at $3,600, with ETH/USD since moving back towards the previous low.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as we saw a swift drop to $3,600 met with a strong reaction higher this morning. Therefore, we assume ETH/USD has set a new swing low, and further recovery should follow over the weekend.

While waiting for Ethereum to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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