During the European session, Bitcoin is trading bullish, having bounced off above $18,900 to trade at $19,300. According to data compiled by cryptocurrency research firm Santiment, the proportion of large investors who hold the cryptocurrency with the largest market capitalization, Bitcoin (BTC), is growing.
At the same time, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone reports that the BTChash rate discount is at a record low not seen since the second quarter of 2020.
BTC Addresses Holding $1,900,000,000 BTC Reach 20-Month High
The recent research from cryptocurrency research firm Santiment could be one of the reasons for BTC’s price action. According to Santiment, the number of Bitcoin whale accounts holding between 10,000 and 100,000 BTC ($190,000,000 and $1,900,000,000) has hit its highest level since February 2021.
Moreover, the number of addresses carrying between 10 and 100 BTC ($190,000 and $1,900,000).
According to the analytics firm, the percentage of Bitcoin addresses with holdings of between 0.1 and 10 BTC has risen to an all-time high of 15.9%. Contrarily, the percentage of Bitcoin’s supply held by those with holdings of 100 to 10,000 BTC is at its lowest point since June 2019 at 45.6%.
Stablecoin market caps are at their lowest level since last December, according to Santiment.
Bitcoin Hashrate Discount Highest Since Q2 2020
Although Bitcoin’s price has been tossing in a narrow trading range over the previous few weeks, the cryptocurrency’s hashrate has not. It has been rising for some time now and consistently sets new records.
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, says that the BTC hashrate discount is at a record low that hasn’t been seen since the second quarter of 2020.
Bitcoin’s price has been stable at around $19,000 for the past 24 hours. When we take a step back, we see that Bitcoin’s price has been stuck in a narrow band between $18,000 and $24,000 over the previous few months.
Nonetheless, Mike McGlone claims that cryptocurrencies:
“may be entering an unstoppable phase of their migration into the mainstream, and at a reasonably discounted price.”
The rising hash rate of Bitcoin may be indicative of the cryptocurrency’s rising popularity, market share, and value. Thus, increased hashrate can underpin BTC.
Bitcoin Price Prediction 2022 – Is BTC Preparing for a 30% Move?
Bitcoin, the leading cryptocurrency, has surged to the $19,217 level, with a 24-hour trading volume of $22 billion. The value of Bitcoin has jumped by less than 1% in the last 24 hours.
The BTC/USD pair has bounced off the support area of $18,950. On the upside, Bitcoin may find it difficult to break past the $19,300 support level and turn it into a resistance level.
If BTC fails to break through this level, it will probably plummet in price. As a result, keep a watch on $19,300; above this level, buying is possible until $19,500 or $19,940.
The RSI and MACD are shifting, moving from the sell zone to the buy zone. It’s confirming investors’ bullish sentiment. However, the 50-day moving average may act as a major hurdle near $19,310.
If Bitcoin falls below $19,250, it may revert to its prior triple-bottom support level near $18,900. A second breach may push Bitcoin up to $18,700. On the upside, resistance remains near $19,450.
Alternative Coin – IMPT Presale Gaining Traction
The coins on presale have immense potential. IMPT is one of these, and it is making headlines owing to the significant collection in presale. The first stage in IMPT.io’s objective to transform the carbon credit sector by making carbon offsetting more accessible is online fundraising.
In less than three weeks since its presale began, the IMPT cryptocurrency has already received $6.3 million from ESG-conscious investors.
The IMPT tokens are currently selling for $0.018 in the first stage of the presale. Notably, the price will rise to $0.023 in the next stage and then to $0.028.
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