⏰ Act Early, Profit Big!
Be among the first to access the newest altcoins. Don't miss out, click now!

Is the Target $28,000 as Bitcoin Price Shows Increased Volatility?

  • In the past few hours, the price of Bitcoin has attracted attention as it exhibited extreme upward volatility near resistance levels.
  • Glassnode data shows that Bitcoin’s Average Spent Output Lifespan (ASOL) (7-day MA) metric has reached 31,144, the highest in the past month.
  • A strong move above $27,000 and a close above it would be a bullish indicator. In this scenario, the BTC price could target $28,200, a key resistance level.

Bitcoin price attracts attention by exhibiting upward volatile movements today: How many dollars are BTC bulls targeting?

Bitcoin Price Displays Volatile Moves

bitcoin-btc

In the past few hours, the price of Bitcoin has attracted attention as it exhibited extreme upward volatility near resistance levels. BTC broke above $26,800 but faced excessive selling pressure at this point. This fluctuation revealed interesting on-chain trends indicating that long-term holders are trying to capitalize on Bitcoin’s increasing volatility. Bitcoin is now showing an upward move again, and long-term holders are becoming greedy.

When BTC failed to sustain trading above $26,800, long-term holders had the opportunity to lock in their gains and realize profits in the increasing volatility environment. As a result, Bitcoin’s price experienced a drop below $26,300 in just a few hours.

When Bitcoin’s price is once again on the rise, long-term holders become greedy and liquidate their assets. Glassnode data shows that Bitcoin’s Average Spent Output Lifespan (ASOL) (7-day MA) metric has reached 31,144, the highest in the past month.

ASOL provides a more detailed view of general Bitcoin spending habits. It tends to rise with market fluctuations and changes in market sentiment and framework, especially when older, dormant coins come back into circulation.

Currently, the increasing value indicates that a significant portion of Bitcoin network activity is related to spending older coins, which usually suggests that long-term holders are taking advantage of the intense market fluctuations. These high metric readings occur when a broad segment of older coins becomes active and are likely used for profit-taking.

Additionally, the number of Bitcoin spent outputs aged between 2 to 3 years reached the highest level in the past month, indicating that coins in this age range are currently moving on-chain and there is a selling tendency among long-term holders during Bitcoin’s fluctuations. Such movements can create strong resistance levels for the asset’s price.

What to Expect for BTC Price?

Bitcoin is currently experiencing a tug of war between buyers and sellers around the 200-day exponential moving average of $26,666. If BTC’s price drops below $26,000, sellers will need to lower the price for a potential decline. However, strong buying interest is expected around this price point.

Increasing EMA lines and the RSI indicator trading above the 56 level indicate growing buying demand among traders. Consequently, a strong move above $27,000 and a close above it would be a bullish indicator. In this scenario, the BTC price could target $28,200, a key resistance level. It is expected that sellers may put up a strong fight at this resistance level.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

MICROSTRATEGY CLOSES $2.52B STRC IPO, BUYS 21,021 BITCOINS AT $117,256 WITH PROCEEDS.

MICROSTRATEGY CLOSES $2.52B STRC IPO, BUYS 21,021 BITCOINS AT...

SEC DELAYS GRAYSCALE SPOT LITECOIN ETF

SEC DELAYS GRAYSCALE SPOT LITECOIN ETF $LTC #Litecoin

Bitcoin Price Drop Below $115,000 Could Trigger $1.59 Billion in Long Order Liquidations on Major CEXs

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Ethereum Foundation will celebrate Ethereum’s 10th anniversary tomorrow!

Ethereum Foundation will celebrate Ethereum's 10th anniversary tomorrow! $ETH #Ethereum

SEC ACKNOWLEDGES FILING TO PERMIT STAKING FOR BLACKROCK SPOT ETHEREUM ETF

SEC ACKNOWLEDGES FILING TO PERMIT STAKING FOR BLACKROCK SPOT...

Roman Storm’s Tornado Cash Trial Highlights Controversy Over ETH “Washing” T-Shirt Evidence

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Bitcoin Implied Volatility Drops to Lowest Since September 2023, Suggesting Possible Price Rise

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Ethereum’s Upgrades and Liquid Staking May Drive DeFi Growth and Institutional Interest in 2025

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

BitMine Considers Stock Buybacks Amid Ethereum Reserve Strategy and Market Valuation

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Injective Price Sees Modest Decline After ETF Filing Spurs Initial Surge Amid Market Uncertainty

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

ARK Invest May Enhance Solana Staking Operations Through Partnership with SOL Strategies and BitGo Integration

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Senate Delays Vote on Brian Quintenz as Prospective CFTC Chair Amid Crypto Regulatory Uncertainty

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Twenty One Capital May Become Third-Largest Bitcoin Holder After Adding 5,800 BTC Pre-IPO

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img