Data now shows Bitcoin’s path to $100,000 is boosted by 458,000 addresses with a total of 334,000 BTC.
Data from IntoTheBlock indicates that Bitcoin’s journey towards reaching $100,000 is underpinned by a substantial foundation of 458,000 addresses holding a total of 344,000 BTC.
This significant accumulation strengthens the cryptocurrency’s prospects for future growth.
Currently, the crypto market is witnessing a resurgence, with Bitcoin making a notable recovery after a brief dip over the weekend.
Following a period of consolidation, Bitcoin climbed from around $95,000 to nearly $99,000, reigniting optimism about its potential to surpass the critical $100,000 mark.
Amid these market fluctuations, IntoTheBlock’s analysis sheds light on key factors that are influencing Bitcoin’s price dynamics.
Notably, 60,000 addresses have accumulated approximately 22,740 BTC at prices above the current level of $96,192.64.
This accumulation reflects a robust interest in Bitcoin, even as it navigates resistance levels.
Significantly, there is substantial market support beneath the current price, with 458,000 addresses collectively holding 344,000 BTC.
This concentration of holdings is viewed as a strong support mechanism, positioning Bitcoin favorably for potential price appreciation.
Immediate resistance is anticipated at $98,490, which may serve as a temporary hurdle as Bitcoin aims for the $100,000 threshold.
Chart analyses further indicate robust market participation within the current price range.
A large number of addresses are either in profit or breaking even, which could help sustain the bullish momentum that Bitcoin is currently experiencing.
Additionally, Bitcoin spot ETFs are playing a crucial role in enhancing market momentum.
In November alone, these ETFs have seen nearly $7 billion in net inflows, surpassing the previous record of $6 billion set in February.
Since their launch, Bitcoin ETFs have recorded only one month of outflows, underscoring sustained investor interest.
Reports from CoinShares reinforce this trend, revealing that crypto investment products experienced a historic $3.13 billion in weekly inflows, the highest ever recorded.
U.S.-based Bitcoin ETFs have been particularly prominent, with BlackRock’s iShares Bitcoin Trust attracting $2.32 billion.
Conversely, European markets have faced outflows totaling $141 million, primarily from Germany, Sweden, and Switzerland.
The heightened demand for Bitcoin ETFs has propelled the cryptocurrency to a new all-time high of $99,655, tantalizingly close to the $100,000 milestone.
Analysts have noted that the rapid adoption of Bitcoin ETFs is significantly outpacing that of U.S. gold ETFs, which attracted only $309 million in their first year.
This trend highlights the growing enthusiasm and confidence in Bitcoin as a leading investment asset.
Bitcoin is currently trading at $94,316.14.
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