As the largest cryptocurrency by market value, Bitcoin is still in a period of stagnation as its price did not gain momentum after the release of the minutes of the Federal Open Market Committee (FOMC) meeting. Unfortunately, the lack of positive impact extends to the broader cryptocurrency market, which is currently experiencing a downturn
As the largest cryptocurrency by market value, Bitcoin is still in a period of stagnation as its price did not gain momentum after the release of the minutes of the Federal Open Market Committee (FOMC) meeting. Unfortunately, the lack of positive impact extends to the broader cryptocurrency market, which is currently experiencing a downturn.
According to a popular cryptocurrency analyst, the price of Bitcoin has not yet been aligned with its "out of control" fundamentals. In a recent YouTube video, the anonymous host of InvestAnswers shared insights and emphasized that Bitcoin's basic indicators are showing a positive trend overall, but BTC's supply on exchanges is decreasing.
When a large amount of Bitcoin withdraws from the exchange, it may indicate a bullish period as influential investors are increasing their holdings in this leading digital asset. The host of InvestAnswers further explained that the supply held by long-term holders has increased, currently around 14.5 million Bitcoins.
Then the balance we process is greater than one Bitcoin - over one million. Of course, many people have five or more wallets, so this does not mean there are one million complete coin makers, ladies and gentlemen. There will never be more than 330000 complete coin makers. But this is also an interesting data that deserves attention, "the analyst said.
He stated that the fundamentals of Bitcoin are very strong, and various indicators show positive trends. The supply of Bitcoin on exchanges is decreasing, indicating a potential bullish period as large investors acquire more cryptocurrencies. However, despite these favorable fundamentals, the price of Bitcoin does not fully reflect the current situation.
Wang Coin is working hard to rebound, currently trading at $26217. Bitcoin attempted to break through the $26500 level, but subsequently experienced a reversal.
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