After struggling to remain stable for most part of September, Bitcoin has eventually break through the $55,000 price barrier and the market is on a merry mood as it is bullish for what is to come. Even when Bitcoin is now trading at $54,576, the digital gold hit a high of $55,172 earlier today.
The price outburst was imminent when Bitcoin’s meteoric upward correction kicked off at the earliest stage of October. The bulls had already begun profiting in late September, and with the new month came strongly built momentum that ushered prices to their new monthly high.
Recall that the digital gold hit a daily high of $49,130 on 3rd of October, so as to secure a breakthrough above $50,000.
The breakthrough occurred a while later, creating an upward movement for Bitcoin’s $50,000 breakout. The Bitcoin market has recorded a wealthy price jump this week after bursting out of the $40,931 consolidation range. With the smooth recovery on the line, the market is smelling more renewed optimism for the last quarter.
Another point to take note is that with old coin dominance sitting at a multi-year low, two possible factors are most likely in the play.
Yet another bullish movement to note, is the apparent fact that Bitcoin’s long-term holders have also reportedly added 2.35 million Bitcoins to their holdings since supply bottomed in March. As at then only about 180,000 Bitcoins were mined, which in turn means that long-term holders have held 13 times more Bitcoin than the number of Bitcoins that were mined over the last 7 months.
Posted from Telokanda Hive Dapp