The current value of around 775,000 BTC is close to USD 39,000, according to Glassnode. Over 1.5 million BTC are trading between USD 38,000 and USD 39,500, and 400,000 BTC have a price of USD 39,510.
After trading between USD 37,000 and USD 43,000 for several weeks, Bitcoin (BTC) seems to have consolidated at USD 39,000. According to accounting data, most of the BTC supply in circulation has moved within that range.
Moskovski Capital analyst and CEO Lex Moskovski shared Glassnode data indicating that around 775,000 BTC currently has a purchase price of USD 38,700 per unit.
He considers that this represents the mother of all consolidations for the value of BTC price. The data deals with the price set as a base in the minds of investors or owners of Bitcoin. That is especially true when considering that another nearly 600,000 BTC moved at around USD 37,960 per coin.
The metrics by Glassnode measure the last movement made by each BTC on the network. Although they do not define precisely a buying or selling pattern, they serve to observe the market landscape. They use the price at which the coins changed hands as a reference.
Over 10% of all the Bitcoin currently in circulation is trading between USD 38,000 and USD 39,500. In addition, another 400,000 BTC were at USD 39,510 in their last movement between wallets.
The Current Consolidation Suggests Excellent Support for New Highs
The consolidation to which Moskovski refers suggests that the Bitcoin price would find excellent support at USD 38,000. In theory, that would prevent the crypto asset from dropping below those levels in the coming days. Many investors would bet on taking profits at higher levels and protect that price.
Not only does the movement of the coins reflect that trend, but also the trading price on cryptocurrency exchanges. Although volatility has recently increased, the value of BTC has remained solidly in a range close to the Glassnode data.
The expectations from the market about the price of BTC seem to be mostly bullish. At least, the behavior of traders indicates that the recent momentary rise to USD 42,000 did not take them by surprise.
Despite that sentiment, analyst Willy Woo and trader Alberto Cárdenas recently made bearish predictions about Bitcoin. If the value drops below USD 30,000, the balance sheet of many BTC owners would be in the red. That might happen regardless of the average price of around USD 24,000 for the Bitcoin on the network.
BTC is trading at around USD 40,714 and has accumulated a 4% gain in the last 24 hours. Its daily trading volume is above USD 30.04 billion, and its market capitalization is about USD 772.96 billion, according to CoinGecko.
Various factors affect the price of Bitcoin and other crypto assets, which a growing number of investors know. Both the new executive order issued by Joe Biden and the decision by the European Union on cryptocurrencies have contributed to their recent rebound.
By Alexander Salazar
