Bitcoin (BTC) It has been trading around $45,000 for a while and is making short-term visits to the upper levels. Investors are quite indecisive about Bitcoin’s next move. popular analyst Willy Woosuggested that Bitcoin is already in a bull market.
Citing data from Glassnode, Woo presented a heatmap of investor demand for Bitcoin.
“The Bitcoin investors heatmap presented by Glassnode uses algorithmic signal processing of on-chain data. We are in a bull market right now, people are not aware of it.”
Looking at the trends in general, it seems that there is a FOMO among investors. But data reveals that historically, such retail FOMOs have led to macro peaks. On-chain data continues to offer some interesting statistics.
The number of addresses holding at least 1 BTC has reached an all-time high of 833,242. This number has been increasing rapidly since the beginning of February 2022.
The Number of Addresses with at least 1 #Bitcoin has made an All-Time High at 833,242 addresses.
This metric has been rapidly increasing since the beginning of February 2022. pic.twitter.com/Vs051qmjqf
— On-Chain College (@OnChainCollege) April 6, 2022
Bitcoin’s next move, no one can say for sure. But the technical charts can help us get some insight here. Bitcoin (BTC) is still trading well below its 200-day moving average (DMA) at $48,200. Therefore, we may see selling pressure in the short term. Market analyst Lark Davis conveyed his views on the subject with the following words:
“The daily MACD threatens bearish (not confirmed yet), suggesting we may see some short-term bearish pressure. We can see the “bullish” on the higher timeframes for the MACD. A good place to buy for $42,500.”
As Bitcoin Stock Supply Continues to Drop, Willy Woo Might Be Right
On the positive side, the illiquid Bitcoin supply continues to grow. The supply of Bitcoin (BTC) on exchanges is on a steady decline. The last time Bitcoin supply was this low was when the BTC price was at $7,200.
the last time #Bitcoin Supply on exchanges was this low, the price was $7,200! 🚀 pic.twitter.com/hyxmby7aya
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) April 6, 2022
While all these developments continue to occur, Terra continues to buy BTC. Earlier today, LUNA Foundation Guard (LFG) made an additional $230 million in Bitcoin purchases. This brings Bitcoin purchases to over $1.7 billion with LUNA.
$luna now holds almost 35k #bitcoins!!!! pic.twitter.com/QDP3PrWDne
— Lark Davis (@TheCryptoLark) April 6, 2022
Terra (LUNA) founder Do Kwon hinted that LFG is looking to buy $10 billion worth of Bitcoin to peg it to the UST stablecoin in the long run. Also, data from the on-chain platform Santiment shows that there is currently a “buy at the bottom” interest in Bitcoin.
“This may not be a huge price drop as Bitcoin is down -1.3% in the last 24 hours. However, after quite a bit of FOMO over the past 2 weeks, there’s some huge “buy to the bottom” optimism on social platforms. This is the biggest crowd increase in the last 3 weeks.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.