Bitcoin News

Bitcoin Price In Meltcoin As New Traders Develop Market Fear – Analysis.

Bitcoin (BTC) is back in favor with average investors, trading below $48,000, as data reveals the largest purchasing binge since March 2020.

In a tweet recently, statistician Willy Woo identified a significant trend that has been missing from the Bitcoin market for almost 18 months.

Retail is stockpiling BTC like its March 2020

BTC

BTC/USD 1 DAY PRICE CHART: SOURCE – COINMARKETCAP.COM

After plummeting to $3,600 in March 2020, BTC/USD was a popular choice for those capable and prepared to spend — and that occurrence has again returned.

Changes in balances for wallets containing 1 BTC or less — which often indicate small-scale investors — have hit their highest level since March 2020.

Whereas the conditions stay the same (coronavirus worries and macromarket anxieties about central bank policies), the key change at the end of 2021 is that Bitcoin prices $48,000 rather than $3,600.

Nevertheless, if retail collection data is correct, interest is skyrocketing.

As revealed earlier this week, bigger established holders are still behaving erratically at present price levels. Although some selling, the highest tier – whales — are more wary about exiting BTC.

The difference between “smart” and “dumb” money has reached an all-time high.

Furthermore, the proportion of long-term investors against short-term market players has hit an all-time high.

There has not been a wider discrepancy among the amount of BTC owned by “smart” and “dumb” money — long-term and short-term purchasers — as per so-called “Smart Money Gap” indicator, which is based on data from on-chain analytics firm Glassnode.

Local maxima in the measure have marked the commencement of price bull runs through Bitcoin’s history, indicating local price bottoms.

The data confirm the storey that Bitcoin’s almost 40% drop from all-time highs of $69,000 “flushed out” risky market bets.

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