Bitcoin (BTC) fell back to $27,000 this week after the Binance news, but recovered a day later to recapture $28,000. Yesterday, the price mostly hovered between $28,200 and $28,500, but last night it spiked all the way to $29,180.
That is a new record for this year and the highest price since the beginning of June 2022. However, bitcoin immediately fell back. Still, the price has been steadily climbing this morning and currently stands at $28,725 on Binance and $26,450 on Bitvavo.
⚠️BREAKING:
*BITCOIN RISES ABOVE $29,000 FOR THE FIRST TIME SINCE JUNE 2022#BTC #BITCOIN pic.twitter.com/EzURJTzlQ6
— Investing.com (@Investingcom) March 30, 2023
This means that the bitcoin price is up 2% today. Trading volume increased by 17% in the last 24 hours. The total market capitalization is $556 billion and the dominance is 46.6%. The Fear & Greed Index comes out at 60 (Greed).
Bitcoin Fear and Greed Index is 60. Greed
Current price: $28,352 pic.twitter.com/kAHyhjIPjo— Bitcoin Fear and Greed Index (@BitcoinFear) March 30, 2023
Is Bitcoin Losing Its Momentum Again?
Bitcoin is once again holding up stronger than the rest of the crypto market, which is largely turning red. We may see another attack on the $29,000. However, according to ecoinometrics, bitcoin’s recent momentum has faded and that could mean it will struggle to actually break through $29,000 anytime soon
Looking only at the price action, Bitcoin’s momentum is gone for now. pic.twitter.com/9DZROiJPYH
— ecoinometrics (@ecoinometrics) March 30, 2023
More volatility expected with month close
Nevertheless, more volatility may be just around the corner. As many as 141,000 BTC options expire tomorrow with a nominal value of $4.1 billion, Greeks.live reports. US inflation figures are also published again with the Core PCE.
141,000 BTC options are about to expire with a Put Call Ratio of 0.74, a max pain point of $24,000 and a notional value of $4.1 billion.
1.746 million options are about to expire, with a Put Call Ratio of 0.33, a max pain point of $1,600 and a notional value of $3.1 billion. pic.twitter.com/ZeastjuKxB— Greeks.live (@GreeksLive) March 30, 2023
Investors hold on to their BTC
Still, it’s slowly starting to get more and more bullish to look out. By now, the percentage of BTC supply that has not moved for at least a year is close to 70%. It indicates strong confidence among investors willing to hold on tight to their BTC.
The percentage of the #Bitcoin supply that has not moved for at least a year is inch closer to 70%. Currently standing at 68%. 💎🙌 pic.twitter.com/GAU0vb7f8P
— Jan Wustenfeld (@JanWues) March 29, 2023
Number of bitcoin whales continues to grow
However, in recent months the major players, the whales and institutional investors, have remained absent. Still, analytics firm Santiment reports that the number of whales with more than 10 BTC has increased by 7.1% since February 2022 and is close to the all time high from September 2019.
🦈🐳 Since February ’22, the amount of addresses holding 10+ #Bitcoin has ballooned by 10,279, a +7.1% increase. The overall percentage of available $BTC held by these wallets is rather stagnant, but the amount is closing in on the Sep, 2019 #AllTimeHigh. https://t.co/LdyvWujeAH pic.twitter.com/pMkd6lbT4d
— Santiment (@santimentfeed) March 29, 2023
Apply for two new bitcoin ETF
The renewed confidence also ensures that companies dare to make new requests for bitcoin exchange traded funds (ETFs). However, it is questionable whether the Securities and Exchange Commission (SEC) is currently willing to approve such applications.
Here we go again,new filing for a 2x bitcoin ETF, which will provide 200% exposure to the front two month futures. Ball’s back in SEC’s court. Ht@Todd_Sohn pic.twitter.com/6y290UME9w
— Eric Balchunas (@Eric Balchunas) March 29, 2023
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