Bitcoin Flips $1 Trillion Consolidation to Support at $60k, 245k+ BTC Moved Above $62.5k Price

Bitcoin registered a new ATH of $64,863 today breaking out of the month-long on-chain consolidation phase between $58k-$60k. The new leg of the bull run has seen bitcoin turn its key consolidation phase into strong on-chain support. More than 245K Bitcoin was moved on-chain at a price above $62.7K, leading to 1.909 million bitcoin being moved into a $1 trillion consolidation zone.

The Realized price distribution indicates the highest price at which Bitcoin was moved on-chain last. When Bitcoin was consolidating between the $58k-$60k the on-chain support was at $52K and now it has turned the early consolidation phase into strong support as it begins a new leg of the bull run above $64K.

Bitcoin this bull season has registered a new ATH every month this year followed by 3-4 weeks of a consolidation phase. The top cryptocurrency then converts the consolidation phase into strong support before moving into the next leg of the bull run.

Bitcoin Eyes $72K Next as Coinbase Goes Public

Bitcoin is currently hovering around $64K price as it sets its eyes on $72K in its next leg of the bull run. The Coinbase direct listing on Nasdaq could also play a bullish fiddle for the top cryptocurrency as the crypto exchange public listing mark a major milestone for the crypto ecosystem.

The on-chain metrics are still quite strong for cryptocurrency as the number of Bitcoins on exchanges continues to be moved into cold storage. The funding rates have cooled down to normal levels as the open position of Bitcoin Futures also recorded a new high of $27 billion.

Popular crypto analyst PlanB famous for his stock-to-flow chart has doubled down on his end-of-year prediction of over $100K and looking at the growing demand and new investors inflow, the price target looks more than achievable.

The post Bitcoin Flips $1 Trillion Consolidation to Support at $60k, 245k+ BTC Moved Above $62.5k Price appeared first on Coingape.

Publication date: 
04/14/2021 - 18:15

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