Bitcoin Price Witnesses Sharp Surge; Can Bulls Maintain Momentum?

• The price has surged above $27,000 at the time of writing as per data from CMC.
• The number of BTC addresses with a balance of 0.01 BTC or less has hit an all-time high.

Bitcoin has had a great start to the new week and the price is showing strong bullish momentum. Crypto traders and investors alike are paying extra attention to the FOMC meeting due to its impact on the overall market in recent years.

Two major events on Wednesday might have a significant effect on markets throughout the world, not just the cryptocurrency market. U.S. Fed Chairman will conduct a news conference after the release of the Fed’s interest rate call.

According to the most up-to-date statistics, the number of Bitcoin addresses with a balance of 0.01 BTC or less has hit an all-time high. Nearly 37 million addresses own less than or equal to 0.01 BTC.

Glassnode reports that Long-Term Holders (LTH) possess a record-breaking 70% of Bitcoin’s total supply, or 14,787,265 BTC, and that this percentage is only growing. Notably, after holding their Bitcoin for an average of over 155 days, 69.2% of these long-term investors are profitable.

Bulls in Total Control

Bitcoin has lately shown strong bullish momentum. The price has surged above $27,000 at the time of writing. It is now trading at $27,065 as per data from CMC. Moreover, the trading volume is up by 43.07%.

If the price manages to go above the $28,000 resistance level, then it will likely test the next resistance level at $31,480. On the other hand, if the price manages to go below the $26,370 support level then it will likely test the $25,000 key resistance level. All eyes will be on the upcoming FOMC meeting which can swing the price in either direction.