On February 16, Bitcoin (BTC) held mostly at $ 44,000 and above, amid new optimism that another macro downturn could be avoided.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
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Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD has recovered after falling overnight to $ 43,725 on Bitstamp.
In a tight area, the pair looked increasingly ready for a bullish or bearish breakout on Wednesday as support and resistance stayed close to the price.
While fears persisted that the stock correction could hurt the bears again, one analyst in particular claimed that there was no incentive to sell bitcoin after a three-month fall.
“When I think 2021 is the case for BTC holders – when I notice a global devaluation of risk over 3+ months – when I see that 48% of realized capitalization still remains 3-12 months ago after the fear of 33,000 dollars – I ask: with all the current prices of RD&D, except for surprises, who will sell here? TXMC claimed.
The attached chart shows coins that last moved between three and six months ago – a period to a record high of $ 69,000 – which is growing as a percentage of the total supply of bitcoin.
Bitcoin Realized Cap HODL Waves Chart. Source: TXMC / Twitter
Libra volume, a calculation designed to measure buying and selling pressure, has also picked up again in a style that popular educational source IncomeSharks claims mimics last year’s jump from $ 30,000.
“These are the conditions where retailers are waiting to buy bitcoin after it reached all-time highs and the news is spreading again,” she added in a tweet the same day.
“Meanwhile, whales and savvy buyers who made around $ 35,000 would triple their money if we got to $ 100,000.”
Despite recovering from last month’s downturns, there is little or no interest in Bitcoin from major sources, with Google Trends data showing a clear lack of user curiosity.
Google search data for “Bitcoin”. Source: Google Trends.
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This was good news for some cryptocurrencies in the short term as Ethereum (ETH) increased during the day, securing support above the $ 3000 mark.
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The ETH / USD pair briefly reached $ 3200 before returning to consolidation, still at five-day highs.
Hourly candlestick chart ETH / USD (bit stamp). Source: Trading View
Meanwhile, Avalance (AVAX) topped the top 10 cryptocurrencies by market value, providing over 10% 24-hour returns, and continued its success in recent weeks.