Bitcoin (BTC), the leading cryptocurrency in market capitalization, has achieved a historic milestone by trading at $42,560.
Crypto analyst Ali reported an impressive transaction volume of 912,626 BTC within the $42,560 price range, establishing it as BTC’s most significant interest zone.
The price of BTC experienced a surge, breaking above $43,000 during Friday’s trading session, recovering from Thursday’s low of $41,846.
Bitcoin’s Resilient Market Dynamics
Bitcoin has been sliding down a little since Friday, when it hit a high of $43,700, but the sentiment is still bullish. According to CoinMarketCap data, BTC has dropped 0.36% in the last 24 hours and is currently trading at $42,985.
An impressive total of 912,626 #BTC has been transacted within the $42,560 price range, marking it as the most significant interest zone for #Bitcoin to date! pic.twitter.com/jdR0vtxWVE
— Ali (@ali_charts) February 2, 2024
Since the middle of January, Bitcoin’s price has moved in a narrow range, ranging from $40,144 to $43,872. On-chain data shows a noticeable accumulation streak, with BTC going through one of its biggest accumulation stages in almost three years.
Researchers at Kaiko pointed out that in the last 24 hours, a large 600 BTC purchase on Coinbase was made, worth $25 million.
Interestingly, Bitcoin’s accumulation trend score has stayed the same for four months, which suggests that big whales are actively buying BTC.
Glassnode analysis shows that since the lows in 2022, BTC’s price behavior has been very similar to earlier cycles, showing a slower but more stable recovery.
Even though some older coins are being spent more now that ETFs have been approved, most long-term BTC investors still don’t want to sell their holdings at the present price. BTC’s realized price is only 5.4% below its all-time high of $467 billion, which shows that the market is strong and that capital is flowing in.
