While the debt ceiling limit talks continue in the US, Bitcoin has been consolidating in a narrow range for a long time.
While there were questions about whether BTC can hold above $ 27,000, Bitcoin sharing came from Glassnode and its co-founder Yann Alleman.
Stating that the amount of BTC standing still in wallets has reached record levels, Glassnode pointed out that the amount of Bitcoin kept in wallets for a long time has increased, "This shows that investors prefer to keep their BTC with the expectation of increase instead of selling it." said.
Analysts interpreting this BTC data from Glassnode interpreted the increase in the number of dormant Bitcoins as an indication of decreasing seller activity and that Bitcoin will bottom at current levels.
Apart from analysts who interpreted Glassnode's data as bullish, Glassnode's co-founder Yann Allemann also made a positive comment about BTC.
Examining the 200SMA and 50SMA levels in BTC, Yann Alleman said that Bitcoin managed to hold its 200-day moving average value and said that this reduced short positions in Bitcoin.
Noting that the 50-day moving average has risen above the 200-day moving average, the Glassnode co-founder stated that this is a sign of a potential bullish move.
Stating that a bullish boom in Bitcoin is imminent, Alleman said:
“Shorts are running out after numerous failed attempts to break below the solid support 200SMA.
The 50SMA crossover above 200SMA shows that it's only a matter of time before BTC explodes."
#Bitcoin bottom is in
Shorts getting exhausted after failing numerous attempts to break below 200SMA, which is a solid support.
50SMA bullish crossover over 200SMA, it's a matter of when #BTC goes off https://t.co/pfyjsmCGyE pic.twitter.com/ZmKVQiQwYz
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) May 22, 2023
*Not investment advice.
