Entering into April with $ 58,900, Bitcoin has gained value almost 30% since the beginning of March.
According to Glassnode data, this rise in price is not stopping people from buying Bitcoin or doing HODL.
Bitcoin has put itself through one of its most challenging months historically, and it performed its best performance in the first quarter of the year since 2013.
The price which has not fallen below $ 50,000 since March 8, has not been able to rise above $ 60,000 since March 15.
Some trade experts state that the top of this band may soon be left behind.
Purchases made over $ 55,000
A cryptocurrency analyst based on Glassnode's UTXO Realized Price Distribution (URPD) metric to measure whether the flow of capital towards Bitcoin continues. Developed by Renato Shirakashi, URPD measures the price range of current Unspent Transaction Outputs in the Bitcoin Network.
According to this chart, the fact that Bitcoin is in the range of $ 55,000 - $ 60,000, does not stop capital flows.
Commenting on the data the analysts say that they do not think the price will get stuck in that range.
Examining the 1, 3 and 6 months HODL waves, Glassnode points out that investors and traders has continued to by Bitcoin since the beginning of the bull market.
Bitcoin whales are confident for now
Large-scale investors seem to have met the ups and downs Bitcoin has shown in recent days calmly.
Therefore, Santiment examined the movements of addresses with at least 100 and up to 10,000 bitcoins in their wallet. They say the whales seem not to have panicked yet and they are in position with confidence for now.
On the other hand, the dropping in the Mean Dollar Invested Age metric developed by Santiment was interpretted as ''worrying''.
