Bitcoin Breaks New Record High Amid Record Level of Investor Confidence
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In its latest weekly on-chain report, Glassnode revealed that investor confidence in Bitcoin (BTC) is currently at a peak as price and on-chain indicators flourish. The on-chain report added that supply dynamics continue to improve as activities remain below bull market highs, indicating that more room for growth exists.
Glassnode noted that long-term BTC holders have released only a tiny fraction of their collective holdings and that BTC on exchanges continues to drop.
At press time, Bitcoin has a market cap of $1.28 trillion, making it the eighth-most valuable asset by market cap, just under silver.
The on-chain analytics provider also noted that the common investor behavior when BTC records new highs is that long-term holders begin offloading. However, since BTC touched $66K, long-term holders have only spent 0.73% of their coins.
Interestingly, the long-term accumulation rate for BTC surpassed 400,000 coins per month for about five months through late September. This figure has dropped back to neutral levels as more coins mature to long-term status amid intense HODLing.
Finally, Glassnode’s report detailed that the current spending pattern indicates that investors are making minimal strategic exits compared to other times when the market records mass withdrawals due to beliefs that the asset might be overpriced.
Key Bitcoin Levels to Watch — November 9
The benchmark cryptocurrency finally broke the $67K top late yesterday, following a parabolic bull run since last Saturday. BTC recorded a new all-time high around $68.5K before correcting to the $67K region.
While trading conditions have become overheated on lower timeframes, my daily chart indicates that BTC has just resurfaced from bearish conditions indicating that there could be room for more bullish gains. That said, bulls have their eyes on the $70K round figure amid a possible minor correction to the $65K region.
Meanwhile, my resistance levels are at $68,000, $68,500, and $69,000, and my key support levels are at $67,000, $66,000, and $65,000.
Total Market Capitalization: $2.95 trillion
Bitcoin Market Capitalization: $1.28 trillion
Bitcoin Dominance: 43.6%
Market Rank: #1
