Bitcoin has regained its volatility after its stagnant behavior in the past couple of months. With a quick retest of around $33k over the last week, the price regained its strength. In just ten days, the asset has gained $5k, and is currently trading at $38.456k with a 3.89% upsurge in the last 24 days.
Whilst the asset is inching close to $40k, the next leg up would skyrocket the price to $47k in the next week. In the interim, as long-term holders are accumulating, exchange reserves have been depleting eventually. Hence, the BTC price appears to be onboarded the uptrend boat.
Bitcoin Price On-Chain Metrics Show Improvement!
After passing the resistance test at $36,849, the asset has taken a quick resurgence of more than $2,000 over the last 24 hours. Bitcoin price is expected to remain bullish for this new month as a number of factors have been turning green. As we say, “History doesn’t repeat, but it often rhymes”, the quote is popularly used in Cryptoverse.
The report from the Coinalyze has reported an increase in the negative funding rates where the asset usually takes a bullish divergence. Prior to the uptrend beginning in August, the asset has experienced massive negative funding. Hence, the current negative funding is likely to push the bulls above $40k.
In addition, Glassnode reported that more long-term holders are accumulating Bitcoin. Weak hands being pushed out, largest week of coins moving off of exchanges since early September. Recently 40,785 BTC were moved off of crypto exchanges, outflow was highest since the 2nd week of September.
Collectively, the BTC price has begun with an uptrend and bulls are likely to push the price above $40k in the upcoming week. It’s been more than two months, the asset has not seen any significant gains. As the factors are slowly turning bullish, we may rise up to $47k if bulls continue to accumulate.
Source: https://coinpedia.org/bitcoin/bitcoin-price-inches-close-to-40k/