Has Bitcoin Soared? Answer No, According to New Investor

Bitcoin, which entered April with $ 58,908, has gained almost 30% since the beginning of March. According to Glassnode data, this rise in price doesn’t stop people from buying Bitcoins or doing HODL.

Bitcoin left behind one of its most historically challenging months, and in the first quarter of the year, it performed the best since 2013.

The price, which has not fallen below $ 50,000 since March 8, cannot rise above $ 60,000 since March 15. According to some names, the top of this band may soon be left behind.

Purchases are made over 55,000

A cryptocurrency analyst based Glassnode’s UTXO Realized Price Distribution (URPD) metric to gauge whether the flow of capital to Bitcoin continues. Developed by Renato Shirakashi, URPD measures the price range of current Unspent Transaction Outputs in the Bitcoin network.

According to this chart, the fact that Bitcoin is in the range of $ 55,000-60,000 does not stop capital flows. Interpreting the data, the analyst said that this is bullish and said, “I don’t think the price will be stuck in this range.” said.

“Investors and traders have been buying Bitcoins since the beginning of the bull market,” Glassnode analyzed 1, 3 and 6-month HODL waves in its weekly report dated March 29. He commented.

“Bitcoin whales are confident for now”

Large-scale investors seem to have calmly welcomed the ups and downs of Bitcoin in recent days. Santiment has at least 100 in your wallet for this; He examined the movements of addresses with at most 10,000 Bitcoins. It was stated that “the whales have not panicked yet” and that they are taking a position confidently for now.

Against these, the decline of the “Mean Dollar Invested Age” metric developed by Santiment was interpreted as a “worrying” development.

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