In a strong push northwards, Bitcoin (BTC) is up 7.5% today moving past $54,000 levels and regaining a $1 trillion market cap. At press time, BTC is trading at a price of $54,386 with a market cap of $1.014 trillion.
While Bitcoin, and the overall crypto space, is popular for following the trends in the equity market, it seems to be opposite momentum this time. Despite some weak cues in the equity market and rising bond yields on the other end, the risk-asset has managed to hold well its position above $50K.
With the US 10-year treasury yield staying above 1.5%, the equity markets have turned jittery. However, Bitcoin (BTC) has shown strong resilience to this market momentum. Interesting, Bitcoin (BTC) has also shown resilience to the drop in the hedge assets like Gold which recently touched a 38-week low of $1730.
After tanking to $47,000 twice last week, Bitcoin seems to have entered a strong consolidation holding $45K as strong support levels as mentioned by Bitcoin analyst Willy Woo.
UTXO Realized Price Distribution. This is the on-chain, more precise version of volume profile. The peaks represent the price where most coins changed hands.
$45k upwards is very strong support.
Any dip (if you’re are lucky) into $39k is a no-brainer BTFD.
Data: @glassnode pic.twitter.com/Z4xbEr0jTv
— Willy Woo (@woonomic) February 27, 2021
On Sunday, March 7, Glassnode founder Rafael Schultze-Kraft spotted a huge on-chain volume wall of $1.2 million when Bitcoin was consolidating in the price between $46.6k and $48.6k.
This support is holding nicely.
And it got …
Story continues on CoinGape