Holding on to BTC Longs As Buyers Remain in Control on Strong Fundamentals
Skerdian Meta • 2 min read
Digital currencies have been displaying great buying momentum recently and Bitcoin which is the largest cryptocurrency by market capitalization recently pushed above $28,000, reaching $28,460 and gaining 3% in the last 24 hours. Many were expecting cryptocurrencies to continue declining after the failure of the FTX crypto exchange, but after the initial scare cryptos reversed higher and Bitcoin moved above $20,000 at first. The bullish momentum continued and the $25,000 level was broken, while yesterday buyers pushed BTC above $28,000.
Bitcoin H1 Chart – MAs Are Acting As Support
BTC continues to make higher highs
Long-term BTC holders currently own over 75% which is the highest since October 2015, showing that they are persistent in their ‘hodling’ behavior. The number of non-zero Bitcoin addresses has also been going up, reaching a record of 47.5 million as of March 2023.
So, everything is looking great for Bitcoin only a few months into 2023, which indicates that the crypto winter might be over. We are already long on BTC/USD from last week and are holding on to our trade despite the retreat in the US session today, as risk sentiment improves. Moving averages are doing a good job acting as support as well, so the bullish will likely resume again and we will see $30,000 soon.