Bitcoin is performing strongly again, climbing over $44.5K. This is its first major bounce-back since what many are calling the ‘ETF hangover’ decline, started January 12. This upward shift follows noticeable changes in digital wallet contents and market feelings.
According to leading crypto information provider Santiment, the recent rebound in the price of Bitcoin is partly due to an increase in holding among wallets holding 1K or more BTC. Notably, these large holders have now collectively held their highest since the current span of more than 14 months, implying new confidence among important investors.
On the flip side, Santiment’s previous post indicated that the overall number of Bitcoin wallets (containing any amount of BTC) is slipping as the crypto market is reaching the four-week mark since the SEC has approved 11 Spot ETFs. The weakness in the indicator comes from the community, which is driven by fear, uncertainty, and doubt (FUD) on a wide scale, with increasing interest in seeking other modes of investment away from direct Bitcoin holdings.
Bitcoin Market Performance
According to the latest data from CoinMarketcap, BTC is currently trading at $44,464.45, with a robust 24-hour trading volume of $23 billion, a rise of about 40%. Bitcoin has seen a notable uptick of 4.16% in the daily chart and a weekly increase of 6.09%, underscoring a significant resurgence in market momentum.
One of the crypto experts, Seth, addressed the existing market dynamics with regard to the ongoing movements in the prices of BTC, comparing them with the rhythmic ebbings and flowings of waves in the ocean. Reflecting on the cyclical nature of Bitcoin with fundamental principles found in wave theory, it’s resiliency that keeps the leading digital coin attractive.
In a post, Seth teased followers with a rhetorical question, “Can anybody guess who said this?”—referring, “BTC is impenetrable, it is like having a Swiss Bank Account in your pocket” While the source was not even known, generally, the sentiment represents a bullish attitude towards the direction of Bitcoin. Seth himself predicted that it might go for a re-test of a resistance level of around $50,000 in the short term, which also corresponds with the upcoming halving event due in April.
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