{"id":551382,"date":"2023-09-14T20:00:07","date_gmt":"2023-09-14T20:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=551382"},"modified":"2024-06-11T08:00:20","modified_gmt":"2024-06-11T08:00:20","slug":"bitcoin-surges-to-26700-but-will-this-rise-last","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-surges-to-26700-but-will-this-rise-last\/","title":{"rendered":"Bitcoin Surges To $26,700, But Will This Rise Last?"},"content":{"rendered":"

Bitcoin has observed a surge towards the $26,700 level in the past day. Here’s what on-chain data says regarding whether this rise would stay.<\/p>\n

Bitcoin Has Broken The $26,700 Level During The Past Day<\/h2>\n

After a long run of stagnation around and below the $26,000 level, Bitcoin finally seems to be making a steady run above it, as the cryptocurrency has now breached the $26,700 mark.<\/p>\n

\"Bitcoin<\/p>\n

Looks like BTC has observed an increase over the past few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
With this latest rise, BTC is up about 4% during the past week, making the coin the best performer among the top 10 assets by market cap in the sector. After seeing so many fragile attempts at recovery in recent weeks, though, Bitcoin investors might be doubtful whether this rise is here to stay.<\/p>\n
Related Reading: Bitcoin Net Taker Volume Turns Highly Positive, Bullish Sign?<\/a><\/div>\n
On-chain data might provide some hints about this. First, here are how the support and resistance levels look like from an on-chain perspective, according to data from the market intelligence platform IntoTheBlock<\/a>:<\/p>\n
\"Bitcoin<\/p>\n
The concentration of holders at the different price levels | Source: IntoTheBlock<\/a><\/pre>\n
Generally, investors tend to buy more at their cost basis<\/a> (the price at which they bought their coins) whenever the price dips back to their cost basis from above.<\/p>\n
As they had been in profits before this dip, they may believe that the price would rise shortly and that their cost basis could be a profitable entry point for further accumulation.<\/p>\n
On the other hand, investors in loss might look forward to the price reaching their cost basis to sell and exit. This can provide resistance to the asset if many investors have the same cost basis as the price it’s trying to test from below.<\/p>\n
In the above infographic, the various price levels and the investor concentrations at them are displayed. When IntoTheBlock posted it, the price had been trading at $26,100.<\/p>\n
Related Reading: Bitcoin Wallet Activity Touches 5-Month High, Will BTC Price Follow?<\/a><\/div>\n
The cryptocurrency is currently mowing through the $26,100 to $26,900 range, which holds the cost basis of a decent amount of investors. Should the asset’s attempts fail, though, the $25,300 to $26,100 range should provide plenty of support, as it currently has a thick concentration of holders.<\/p>\n
Bitcoin Exchange Inflows Have Occurred Throughout The Last Month<\/h2>\n
However, one sign that may be concerning for the asset is that the whales<\/a> have been making significant deposits to exchanges during the past month, as analyst James V. Straten<\/a> has pointed out.<\/p>\n
\"Bitcoin<\/p>\n
The value of the metric seems to have been above zero for most of this period | Source: @jimmyvs24 on X<\/a><\/pre>\n
The above chart shows the data for the Bitcoin exchange netflows<\/a> only for transfers worth at least $10 million. This graph shows that the metric has mostly had a positive value throughout the past month, meaning that large entities like the whales have been constantly moving coins into these platforms.<\/p>\n
As one of the main reasons these investors may transfer to exchanges is for selling purposes, this could indicate that these holders have been preparing for a selloff.<\/p>\n
It remains to be seen whether these Bitcoin whale exchange inflows would lead to this short-lived rise or if the market would bash through the selling pressure.<\/p>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has observed a surge towards the $26,700 level in the past day. Here’s what on-chain data says regarding whether this rise would stay. Bitcoin Has Broken The $26,700 Level During The Past Day After a long run of stagnation around and below the $26,000 level, Bitcoin finally seems to be making a steady run above it, as the cryptocurrency has now breached the $26,700 mark. Looks like BTC has observed an increase over the past few days | Source: BTCUSD on TradingView With this latest rise, BTC is up about 4% during the past week, making the coin the best performer among the top 10 assets by market cap in the sector. After seeing so many fragile attempts at recovery in recent weeks, though, Bitcoin investors might be doubtful whether this rise is here to stay. Related Reading: Bitcoin Net Taker Volume Turns Highly Positive, Bullish Sign? On-chain data might provide some hints about this. First, here are how the support and resistance levels look like from an on-chain perspective, according to data from the market intelligence platform IntoTheBlock: The concentration of holders at the different price levels | Source: IntoTheBlock Generally, investors tend to buy more at their cost basis (the price at which they bought their coins) whenever the price dips back to their cost basis from above. As they had been in profits before this dip, they may believe that the price would rise shortly and that their cost basis could be a profitable entry point for further accumulation. On the other hand, investors in loss might look forward to the price reaching their cost basis to sell and exit. This can provide resistance to the asset if many investors have the same cost basis as the price it’s trying to test from below. In the above infographic, the various price levels and the investor concentrations at them are displayed. When IntoTheBlock posted it, the price had been trading at $26,100. Related Reading: Bitcoin Wallet Activity Touches 5-Month High, Will BTC Price Follow? The cryptocurrency is currently mowing through the $26,100 to $26,900 range, which holds the cost basis of a decent amount of investors. Should the asset’s attempts fail, though, the $25,300 to $26,100 range should provide plenty of support, as it currently has a thick concentration of holders. Bitcoin Exchange Inflows Have Occurred Throughout The Last Month However, one sign that may be concerning for the asset is that the whales have been making significant deposits to exchanges during the past month, as analyst James V. Straten has pointed out. The value of the metric seems to have been above zero for most of this period | Source: @jimmyvs24 on X The above chart shows the data for the Bitcoin exchange netflows only for transfers worth at least $10 million. This graph shows that the metric has mostly had a positive value throughout the past month, meaning that large entities like the whales have been constantly moving coins into these platforms. As one of the main reasons these investors may transfer to exchanges is for selling purposes, this could indicate that these holders have been preparing for a selloff. It remains to be seen whether these Bitcoin whale exchange inflows would lead to this short-lived rise or if the market would bash through the selling pressure. Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":551390,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,85555,89391,1119,1144],"class_list":["post-551382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-exchange-inflows","tag-bitcoin-rise","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Surges To $26,700, But Will This Rise Last?<\/title>\n<meta name=\"description\" content=\"Bitcoin has observed a surge towards the $26,700 level during the past day. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Surges To $26,700, But Will This Rise Last?","url":"http:\/\/wncen.com\/news\/bitcoin-surges-to-26700-but-will-this-rise-last\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-surges-to-26700-but-will-this-rise-last\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/kanchanara-Lta5b8mPytw-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/kanchanara-Lta5b8mPytw-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin exchange inflows","bitcoin rise","btc","btcusd"],"dateCreated":"2023-09-14T20:00:07Z","datePublished":"2023-09-14T20:00:07Z","dateModified":"2024-06-11T08:00:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Surges To $26,700, But Will This Rise Last?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-surges-to-26700-but-will-this-rise-last\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-surges-to-26700-but-will-this-rise-last\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/kanchanara-Lta5b8mPytw-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/kanchanara-Lta5b8mPytw-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin exchange inflows\",\"bitcoin rise\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-09-14T20:00:07Z\",\"datePublished\":\"2023-09-14T20:00:07Z\",\"dateModified\":\"2024-06-11T08:00:20Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/kanchanara-Lta5b8mPytw-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/551382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=551382"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/551382\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/551390"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=551382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=551382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=551382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}