Bitcoin Recovers as On-Chain Data Shows That No One Wants To Sell

Bitcoin is firm when writing, edging higher despite concerns of lower lows. At spot rates, the coin is up 3% in the past trading day. However, because of the losses in the past few trading sessions, it is down 2% in the previous trading week. Presently, the path of least resistance remains northwards. However, there must be a sharp close above the immediate resistance levels for trend continuation.

In the short term, sellers have the upper hand. Recovering Bitcoin prices has seen the market cap rise by over 3% on the previous trading day to over $2.5 trillion. So far, the average trading volume is up 29% to $29 billion.

As prices recover, the following Bitcoin news event might shape price action:

• Experts predict that BlackRock will flip Grayscale in the number of coins controlled in their books in the next few trading sessions. GBTC controls 350,252 BTC as of March 25 versus 238,500 BTC held by Blackrock. Considering the level of inflow into BlackRock’s IBIT spot Bitcoin ETF, it will likely control more coins than GBTC in less than a month.
• Though prices are relatively depressed and below $70,000, no holder wants to liquidate coins. On-chain data shows that the movement of coins ahead of halving continues to drop, signaling confidence in what lies ahead.

Bitcoin Price Analysis

BTC/USD is steady when writing, expanding after choppy price action last week.

Even though buyers are optimistic, BTC is still below the middle BB.

Accordingly, risk-on traders can wait for a close above $69,000, searching for entries. Any upswing might lift the coin toward $73,800 in a buy trend continuation formation.

Conversely, sellers might look to liquidate on highs if prices consolidate, targeting $60,000.

Losses below $61,200, confirming the drop of March 19, could heap more pressure on the coin.