The cryptocurrency market is now in an upward trend. BTC is expected to reach $46K, while ETH is hovering at $3.2K. Most altcoins are losing money in lockstep with the market. Altcoins, on the other hand, are defying the trend and printing substantial gains.
BTC is currently trading at $44k, up 7.8% from its lowest support. The price has already broken over the $44k neckline, and if the price maintains at this level, crypto traders may be able to profit from a long opportunity.
On Wednesday, January 12, the United States released its inflation data, but this does not appear to have impacted investor sentiment at this moment. Bitcoin was trading in the green zone as of press time, with a price of $43,700.
Right Time to Buy Bitcoin ?
Here are some opinions from financial experts and on-chain data. Michal Van de Poppe, a well-known market analyst, examines the analytical chart and writes:
Bitcoin’s price is gradually fluctuating. As per analyst the $42.8K price range is the one to watch. BTC might test $46K if this trend continues.
I’d rather be long than short, as I mentioned a few days ago.
The entity-adjusted dormancy flow for Bitcoin has also reached a new low. There was a substantial price reversal during the last five times Bitcoin traded in this zone! Bitcoin has hit the purchase zone as a result of the inert flow.
Bitcoin Exchange Supply
Despite Bitcoin’s recent sideways movement, we talked about how BTC miners have resorted to massive accumulation. However, a significant number of Bitcoins have been withdrawn from exchanges, lowering the total number of Bitcoins in circulation. According to Santiment, an on-chain data provider
Despite the fact that Bitcoin is presently 36% lower than it was two months ago, coins continue to flee exchanges at a breakneck speed. The difference of 26.3k BTC between exchange outflow and inflow yesterday is a good sign that the risk of a selloff is decreasing.
In the next few days, the weekly close for Bitcoin will be eagerly monitored to see if it manages to break out beyond $46,000 levels.