Bitcoin Bitcoin [BTC] holders cheer the bull run, but is there more to the story? – Bitcoin’s recent bull run generates profits for long and short-term investors.- A spike in interest and high MVRV ratio could impact BTC’s price.The recent bull run in the crypto space has brought all eyes to Bitcoin [BTC], with its soaring prices generating profits for both long-term and short-term investors.According to new data provided by Santiment, holders across all spectrums have become profitable for the first time in 14 months, leading many to believe a bull run for the king coin is approaching.📈 The average returns for #Bitcoin amongst long-term hodlers and short-term “new money” has blasted into positive territory for the first time in 14 months.Our latest insight covers how this key indicator cross is valuable to gauge the next #bullrun.https://t.co/g2lSi9OXoI pic.twitter.com/50z1LPmXcD — Santiment (@santimentfeed) March 20, 2023 Bitcoin holders get active As a result, addresses holding more than 10 BTC have started to accumulate large amounts of the cryptocurrency, and other investors are also showing interest in the Bitcoin network, causing activity on the network to rise.
Artemiz’s data shows that Bitcoin is the third largest network in terms of active addresses at press time.Is your portfolio green? Check out the Bitcoin Profit Calculator The amount of Bitcoin’s supply held by entities with less than 10 BTC continues to reach new highs Over time supply will continue to become more distributed, putting to rest any arguments against Bitcoin regarding supply concentration pic.twitter.com/piXbdT8sS4 — Will Clemente (@WClementeIII) March 20, 2023 Inscriptions on the BTC network and the resulting Ordinals NFTs have also contributed to the spike in interest in the Bitcoin network.These factors have helped the fees accumulated on the network to rise, reaching a 15-month high of $37,452.54 according to Glassnode’s data.
Proceed with caution Despite these positive developments for BTC, things could come crashing down at any moment.The high MVRV ratio suggests that many holders at press time could be incentivized to sell their Bitcoin for a profit, potentially driving down the price.
Furthermore, miner revenue has started to decline.If miners continue to lose out on profits, they may be forced to sell their BTC to cover losses, which could also drive down the price of the cryptocurrency.Other factors such as hashrate, difficulty and the upcoming Bitcoin halving will also play an important role in the miner’s decision-making process.Read Bitcoin’s Price Prediction 2023-2024 Investors should keep a close eye on these developments, as they could have a significant impact on the price of Bitcoin.
While the current trend is positive, the state of Bitcoin can be unpredictable, and it’s always important to exercise caution when investing.Especially during times of high speculation.Bitcoin Bitcoin breaks £23,000 as UK inflation hits double-digits, markets price in 25bps for the BOE Bitcoin moved closer to a fresh nine-month high on Wednesday, as markets prepared for today’s Federal Reserve interest rate decision.The Fed is expected to hike rates by 0.25%, despite inflation falling last month to 6%.
Ethereum briefly rose above $1,800 in today’s session.Bitcoin Bitcoin (BTC) closed in on a fresh nine-month high in today’s session, as markets continued to anticipate today’s Federal Reserve rate decision.Following a low of $27,785.11 on Tuesday, BTC/USD surged to an intraday peak of $28,439.56 earlier in today’s session.The move sees bitcoin move back towards a recent nine-month high, which was recorded earlier in the week.This latest surge in price comes as the 14-day relative strength index (RSI) attempted to break out of a ceiling at 72.00 As of writing, the index is tracking at 71.70, which is its highest reading since early-February, and deep in overbought territory.
Traders are likely waiting for this afternoon’s announcement prior to attempting to move beyond this point.Ethereum Ethereum (ETH) was also back in the green on Wednesday, following a brief stint of consolidation the day prior.ETH/USD moved to a high of $1,836.29 on hump-day, which comes less than 24 hours after trading at a low of $1,761.67.
Similar to bitcoin, Wednesday’s rally in price saw ETH near a recent high of $1,846, which is its strongest point since last August.The 10-day (red) moving average (MA) has continued to trend upwards, extending its crossover with the 25-day (blue) MA.
However, price strength seems to be a barrier to further gains, with the index now tracking below a ceiling at 64.00 In order for bulls to extend gains, there will likely need to be a breakout of the aforementioned resistance level.Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Could ethereum hit $2,000 following today’s rate decision? Leave your thoughts in the comments below.Eliman Dambell Eliman was previously a director of a London-based brokerage, whilst also an online trading educator.Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Top posts altcoin59 mins ago Waves releases update ahead of upcoming changes, here’s what to expect Waves plans to release an EVM for layer 2 networks, which might trigger a resurgence in network activity.Its token…cbdc59 mins ago US Central Bank’s Fednow Payment Service To Launch In July, Economist Calls Timing ‘Suspicious’ According to the U.S.Federal Reserve, the central bank’s Fednow payment service will start operating in July, and participants will…
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