Bitcoin has reclaimed the high area around the $50,000. In the meantime, indicators are turning bullish as the cryptocurrency could be preparing for another leg-up into uncharted territory.
At the time of writing, BTC trades at $57,654 with a 3.1% profit in the daily chart. In the weekly chart, BTC has a 7.5% profit with sideways movement in higher timeframes.
Analyst William Clemente has defended the bullish case for the number one cryptocurrency by market cap. He claims Bitcoin’s base of capital has been increasing with a price action and supply distribution uncommon of local tops. As seen in the chart below, 14.45% of BTC’s supply sits around the $57,000 which acts as important support.
BTC’s supply has become a major factor in its price appreciation. As the chart and Clemente showed, BTC is “consistently moving” into cold storage or addresses with intention of holding it. The trend continues to accelerate with no signs of slowing down.
In addition, BTC’s Realized Cap HODL Waves, which measures the supply’s age distribution or the amount of time a percentage of the supply has been traded, just barely reached its first peak for this bull-run. As Clemente said, there are at least 3 peaks on this metric for every bull-market.