Bitcoin’s price has climbed above $96,600, fueling a resurgence in altcoin markets.
As the flagship cryptocurrency inches closer to the $100,000 milestone, long-term holders (LTHs) are capitalizing on the price surge.
📈 Bitcoin has recovered to above $96.6K today, and altcoins are surging once again as a result. Here are the top 10 coins (among $500M+ market caps) seeing crowd sentiment rises compared to the week prior:
🥳 1) @chainlink $LINK
🪩 2) @suinetwork $SUI
🍾 3) @circle $USDC
🎉 4)… pic.twitter.com/ihWZJ9DKHx— Santiment (@santimentfeed) November 27, 2024
Data from Glassnode reveals that LTHs sold approximately 507,000 BTC during this rally, a lower amount compared to the 934,000 BTC sold during the March 2024 price peak. These sales generated a record daily profit of $2.02 billion, with most of the sell-side pressure coming from coins held for 6 months to 1 year.
According to Glassnode, as the price of Bitcoin approaches $100,000, long-term holders (LTH) began to sell approximately 507,000 BTC. This amount is lower than the 934,000 BTC during the March 2024 rise. Long-term holders made a record daily profit of $2.02 billion from the…
— Wu Blockchain (@WuBlockchain) November 27, 2024
Trading volumes have surged across the board, with Bitcoin witnessing its highest on-chain activity since May 2021. On November 12, trading volume peaked at 154.92 billion BTC. As November draws to a close, overall crypto trading activity continues to grow, with a 32% increase over the past week. According to Santiment, altcoins are being rapidly traded as profits from Bitcoin’s recent highs are redistributed into speculative assets.
📈 There has been no shortage of on-chain crypto trading in November. Bitcoin alone has not seen this level of trading volume since May, 2021, rising as high 154.92B BTC on November 12th.
Overall trading volume has only grown further as we near the end of this historic month,… pic.twitter.com/9aYAlUJwSf
— Santiment (@santimentfeed) November 26, 2024
Key On-Chain Insights
Analysis from IntoTheBlock highlights critical support and resistance levels based on the “In/Out of the Money Around Price” metric.
– Support Zone: $88,247 – $90,906
Around 626,650 BTC are held in profit within this range, making it a strong support level. The current price of $90,979 sits firmly within this zone, reducing the likelihood of significant selling pressure.
– Resistance Zone: $95,437 – $96,914
This range holds 676,300 BTC from 437,710 addresses currently “Out of the Money.” Many of these holders may sell to break even, creating resistance. The average price of $96,109 represents a psychological barrier.
📊 Bitcoin On-Chain Analysis: In/Out of the Money Around Price
Understanding holder behavior is crucial for navigating Bitcoin’s market dynamics. Here’s a detailed breakdown of key support and resistance levels based on the “In/Out of the Money Around Price” metric from… pic.twitter.com/9MJiNf0b3r
— IT Tech (@IT_Tech_PL) November 26, 2024
As Bitcoin approaches $100,000, the market remains dynamic, with the Bitcoin spot ETF seeing a $123 million net outflow on November 26. This historic rally continues to drive trading volumes and profit-taking.
On November 26, the Bitcoin spot ETF had a total net outflow of $123 million, and the Ethereum spot ETF had a total net inflow of $40.6741 million yesterday. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) November 27, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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