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Over the last weekend, the world’s largest cryptocurrency Bitcoin (BTC) moved past $61,000 levels for the first time after hitting its all-time high on March 31. Currently, Bitcoin is consolidating at $60,084 with a market cap of $1.12 trillion.
Interestingly, all on-chain indicators for BTC have been pointing to a further price rally ahead for the world’s largest cryptocurrency. As CoinGape reported, the Bitcoin exchange supply is on a continuous decline with whales scooping a large number of Bitcoins in the first quarter.
On the other hand, miners have also resolved to buying and holding Bitcoin as the net miner position has turned positive since the beginning of this month of April. Miners are accumulating BTC and instead funding their Bitcoin mining operations in cash rather than taking profits out of their newly mined BTC. This shows the miners’ confidence in further BTC price appreciation.
People buying
HODLers aint selling
Miners aint selling
You do the math
data @cryptoquant_com @unchainedcap pic.twitter.com/5AJrJaGvTK
— Josh Olszewicz (I will not dm you) (@CarpeNoctom) April 11, 2021
The strong rally over the last weekend has also led to Bitcoin short liquidations across exchanges. PlanB, the author of the popular Stock-to-Flow model states that Bitcoin’s realized value has been trading above its 200-day moving average. This shows that the Bitcoin bull run is likely to continue further from the current levels.
#Bitcoin 200 week moving average and on-chain realized metric (weighted average cost of all 18.7M bitcoins) both show a bull market that is far from over. pic.twitter.com/760pvJcYao
— PlanB (@100trillionUSD) April 11, 2021
Bitcoin’s Development Activity
As per the latest report, the development activity for Bitcoin is on a steep rise. The total number of Bitcoins held in the Lightning network channels is on a steep rise along with the BTC price surge. Thanks to all the efforts put by the innovators, developers, builders who have pushed the growth of the Lightning Network further.
The growth of the #Bitcoin Lightning Network has exploded this year!
A thundering applause to the developers, innovators, and builders out there putting in the work. pic.twitter.com/MGvMQwWGvd
— Documenting Bitcoin
(@DocumentingBTC) April 11, 2021
Well, it is very much possible that Bitcoin (BTC) can touch a new all-time high and move past $62,000 very soon. One big news of institutional/corporate participation and the approval of Bitcoin ETF can possibly lead to its price shooting another 5% from the current levels. Hold right, sit tight!
The post All On-chain Metrics for Bitcoin (BTC) Point Towards Further Bull run, $62K Coming Soon? appeared first on Coingape.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.