Chain data: Bitcoin could rise to $ 50,000

According to data on the purchase price of addresses active in the bitcoin network, this digital currency has a chance to rise to the level of $ 50,000 in the coming days. In addition, ascending signs can be seen in the atrium network.

Long-term investors continued to accumulate bitcoins in the first quarter of 2022, which is one of the main reasons for the upward trend this week, according to CryptoSlit. According to the analytical site IntoTheBlock, after the re-crossing of bitcoin over $ 48,000, the owners of holders who have been holding bitcoin for at least a year have already reached their peak.

These holders increased their inventory by 17% since the end of November (November) and in the first quarter of 2022 continued the process of accumulating new units as before, while maintaining composure. The road to bitcoin seems clear, and if broken by several key resistances, it could reach $ 50,000.

An event that can bring bitcoin up to $ 50,000

The Investor Profit and Loss Index (IOMAP), provided by analyst firm Into de Block, identifies key levels at which bitcoin traders can become more active when prices reach. The IOMAP index actually shows how many currency units have made a profit for their holders and how much they have made a loss.

The key resistance level of bitcoin is close to 48,479 dollars and at this price 2.38 million addresses were purchased, 1.16 million bitcoin units. Passing this level can bring bitcoin to $ 50,000 in the next step.

Investor Profit and Loss Index (IOMAP)
Investor Profit and Loss Index (IOMAP) Bitcoin.

The price of bitcoin is now at its highest level since the beginning of 2022, according to data analysis in the Santiment chain. According to Centiment, the growing volume of short positions (sales) in the futures market on stock exchanges is one of the main reasons for the jump in prices to current levels last week. The highest price level of bitcoin in the last 11 weeks was registered, while fears of inflation, war and the crown virus have significantly decreased and bitcoin traders have earned more than 10% in the medium term.

At the time of writing, the price of bitcoin has remained virtually unchanged over the past 24 hours, rising 11 percent in the past week to now close to $ 47,700. The current price of bitcoin also shows that the total market value of this digital currency has just exceeded $ 900 billion. However, bitcoin is still at about 31.3 percent of its all-time high of $ 69,000 on November 10.

Bitcoin investors have great faith in their assets

According to the analytical site Glassnode, as holders have not yet sold the accumulated bitcoins in the first quarter of the uptrend in 2021, the share of bitcoins that have not been sold for at least a year will be closer than the total units available. This generally shows that bitcoin investors have a strong belief in the value of their assets, despite the negative impact of macroeconomic factors and the Russia – Ukraine conflict.

Comparing the current changes in the supply of bitcoins with previous periods, it seems that this digital currency has entered the second half of its declining market. However, owners of older bitcoins have sold little, which could be a smart move to reduce investment in this digital currency; However, a large bundle in the range of $ 35,000 to $ 42,000 seems to have been made to absorb the pressure of sales in this area.

Meanwhile, Atrium is showing signs of rising, according to mood data. The number of Atrium addresses with more than 10,000 tokens reached its highest level (1,329 addresses) since December, and that number includes 40 other addresses created in the last five weeks. Market data provide clear evidence of a correlation between the number of whale addresses and future price movements.

Chain data: Bitcoin could rise to $ 50,000
Compare prices and outline the number of addresses with more than 10,000 Atrium inventories.

Atrium exchange decreases rapidly

Atrium on Wednesday marked another big outflow of exchange offices. According to Into de Block, more than 180,000 atriums were removed from centralized exchange offices in one day, the largest number of atriums removed from exchange offices in 2022. Atrium reserves of centralized exchanges decreased rapidly in 2022, a decline of over 1.08 million units since the beginning of the year.

After this big ebb, the price of the Atrium rose by 32%. In addition, in March alone, the amount withdrawn from centralized exchange offices reached a total of 1.268 million atriums, another sign of the rapid decline in atrium stock exchanges.

At the time of writing, the Atrium is trading at around $ 3,422, up 2.2% yesterday and up 14% in the last seven days. In the long run, Atrium prices have risen 33.3% in the last two weeks and 95.8% in the last year. However, Atrium is still at 31 percent of its all-time high of $ 4,878 on November 10. Atrium’s total market value is now over $ 410 billion.

The publication In-Chain Data: Bitcoin could rise to $ 50,000 appeared for the first time in digital currency.

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