The price of bitcoin has been impressive in the past few weeks, exceeding the psychological level of $ 90,000 in last week. The first cryptocurrency seems to approach the weekend with the same momentum-if not bigger after going through $ 95,000 on Friday, April 25.
Who is really behind the BTC rally?
In a new article on the X platform, the IT Tech chain analyst has taken a deep In the recent Bitcoin Price rally, identifying the catalysts for the race from around $ 74,000 to $ 95,000. According to an Crypto expert, recent blockchain data show that there has been a clear rotation of capital in the last month.
This analysis revolves around the activity of various classes of Bitcoin investors (depending on the time spent holding their parts). According to intotheblock data, most of the activities are not surprising from merchants (or short -term holders), who have increased their balance by almost 19% in the last 30 days.
He noted that these traders, faithful to their reactive nature and motivated by the FOMO (fear of missing), bought the BTC in an aggressively because its price fell to $ 74,000. At the same time, short-term merchants have not removed the foot of the gas with the price of Bitcoin which now dances above $ 95,000.
In addition, long -term holders seem to have stopped shaving their assets in recent weeks, removing “general costs” on the price of bitcoin. According to intotheblock data, the balance of long -term holders of the BTC increased by at least 0.3% in the last 30 days.
Source: @IT_Tech_PL on X
Finally, IT Tech has highlighted a cohort of investors nicknamed “Cruisers”, with Bitcoin Holdings aged 1 to 12 months. Since their balance decreased by 4.4% in the last month, the chain analyst mentioned that these investors ripen in “Hodlers”, by making profits.
IT Tech has concluded that the price of Bitcoin could enter an optimistic speculative phase characterized by substantial short -term capital inputs and long -term stability. However, the analyst warned against the domination of the hands in the short term.
Given their reactive nature, very volatile periods are historically correlated with the domination of short -term holders. This means that there could be great volatility in the future of the Bitcoin market. In any case, it tech thinks that the price of bitcoin has not yet reached the local summit.
Bitcoin Price at a glance
When writing these lines, Bitcoin is estimated at around $ 95,210, reflecting an increase of 2% in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock star image, tradingview graphic
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