Bitcoin’s steady price movements between $55k and $60k have increased its on-chain activity. While the digital asset is currently in a consolidation phase, a large portion of the overall BTC supply has started moving between the mentioned price range.
Glassnode’s latest data indicates that more than 2.2 million coins last moved between $55,000 and $60,000. The price level of $55,000 acted as decent support in the last few days. However, the crypto asset saw strong resistance near $60,000.
“The Bitcoin market currently sits in one of the largest realized value clusters. Over 2.208 million BTC have last moved on-chain between $55k and $60k. The next large cluster between $60k and $63k may act as resistance, whilst support can be found at $50k and again at $42k,” Glassnode mentioned.
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Bitcoin’s recent market correction caused panic among short-term holders. On the other side, large institutional holders called the latest dip a ‘normal’ one in its price history. A positive sign for long-term BTC holders is that the market cap of Bitcoin has not dropped below $1 trillion since October 2021.
Commenting on the recent stability in the crypto market and Bitcoin’s mass adoption, Paolo Ardoino, CTO at Bitfinex, said: “Markets appear to be in wait and see mode as we head towards the end of the year. Rather than focus on price movements, I would urge the industry as a whole to contemplate just how far we’ve come in what has been another monumental year for the digital token economy. Whether you consider the continued ascent of Defi or the emergence of the Lightning Network as an undeniable force in achieving mass adoption in bitcoin payments, the silence of bitcoin’s critics is noticeable.”
“El Salvador‘s bitcoin bond is the most recent example of how the space is evolving in ways seemingly unimaginable during the crypto winter. I would urge the industry to unite and give itself a collective pat on the back for all that has been achieved,” Ardoino added.