Bitcoin to Reclaim $1 Trillion Valuation After Breaking $53K
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In its latest weekly on-chain report, analytics platform Glassnode shed some light on the spending habits of Bitcoin (BTC) and crypto holders and investors.
It revealed that last week produced some profit realization on-chain by long-term holders, “although so far it does not appear to be of significant coin volume to put the brakes on.”
The report also noted that the necessary level to break for Bitcoin to return to the “12-zero’s club” (a trillion-dollar market capitalization) is the $53,000 mark.
Meanwhile, the data provider revealed that a key metric that has benefited the price recovery across the cryptocurrency market, the massive outflow of crypto assets from exchanges, has begun to plateau.
So far in August, crypto exchange balances have plateaued around 2.5 million BTC or 13% of the total circulating supply. Ethereum balances on exchanges reached a bottom of 15 million ETH last week.
The Glassnode report also revealed that the Exchange Net Flow metric recorded some inflows to exchanges as some traders capitalize on the current market strength to cash out on profits. The level of flow resembled that seen through the December 2020-April 2021 bull market.
Records show that expenditure of older coins between 6 months and five years has increased significantly. This group of BTC holders “largely captures experienced Bitcoin investors and traders who have weathered non-trivial volatility in this cycle already.”
Key Bitcoin Levels to Watch — August 24
BTC continues to show healthy bullish market sentiment as the price holds firmly above the $49k after falling from its recent fifteen-week high of $50.5k. Despite the minor correction, we expect a bullish continuation in the coming hours and days, as the $50k resistance is a strong one and requires several attempts to clear.
As long as the primary cryptocurrency holds above the ascending trendline around the $48k level, the bullish markets bias remains intact.
Meanwhile, our resistance levels are at $50,000, $50,500, and $51,400, and our key support levels are at $49,500, $48,300, and $47,000.
Total Market Capitalization: $2.16 trillion
Bitcoin Market Capitalization: $934.7 billion
Bitcoin Dominance: 43.3%
Market Rank: #1
