While Bitcoin continues its sideways movements under $50,000, we see that altcoins offer good opportunities for daily trading.
The resurgence of confidence in Bitcoin will increase risk appetite in altcoins in general. At this point, a positive report about Bitcoin came from Glassnode.
On-chain data platform Glassnode, in its latest report, said after the last drop. It has been stated that Bitcoin has entered a period where it will move in a narrow price range.
Glassnode also stated that Bitcoin has entered a period similar to the purchases made by investors during the bull period. Saying that the illiquid supply has increased, the report stated that Bitcoin got out of the selling trend and BTCs were withdrawn from exchanges to wallets.
The report also underlined that the illiquid supply indicator shows that the 8-month accumulation period in which Bitcoin reached an all-time high ended at the end of May.
Glassnode shared the following on its Twitter account regarding the report:
“Bitcoin supply is shifting from liquid to illiquid at a rate of 100,000 BTC per month. Idle coins are coins sent to low-level addresses with a history. These coins are often associated with investor accumulation and bull market purchases.”
The report stated that the price of Bitcoin has increased since last week, after most investors stated that the withdrawal of cryptocurrencies from exchanges to wallets will reduce the rate of entry into exchanges.
*Not investment advice.