Bitcoin miners intent on more accumulation, Bitcoin maintains $40k support
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Answer Bitcoin miners intent on more accumulation, Bitcoin maintains $40k support
After a poor start for Bitcoin in 2022, the world’s largest cryptocurrency has finally shown some green shoots over the past two days.
Thanks to the accumulation of bitcoin by miners over the past few days, bitcoin has remained at the $40,000 level.
There was high confidence in Bitcoin at levels of 40 thousand dollars, which was also evident from the behavior of Bitcoin miners who preferred to keep what they had instead of offering and pumping it into the market for sale, which is confirmed by the “Glassnode” platform.
According to recent data from Glassnode, the number of bitcoin miners has increased faster since the market correction in May 2021.
Read:The OKCoin platform sets the date for the deletion of Bitcoin Cash and Bitcoin SV from circulation and explains the reasons!
It has been five consecutive days of accumulating, with Bitcoin miners adding more than 6,100 BTC to their wallets.
Miners piling up # bitcoin The fastest rate since May 2021! 💥🚀 pic.twitter.com/5n9RRty0Qi
Bitcoin Archive 🗄🚀🌔 (BTC_Archive) January 11 2022
Mining giant Bitfarms also added a total of 1,000 BTC during the recent price correction, bringing its total holdings to the 4,300 BTC level.
Is the $40,000 level the new bottom for Bitcoin?
An executive at Fidelity offers an interesting analysis.
He wrote that amid the Fed’s hawkish stance, the cryptocurrency market followed the stock market under downward pressure.
He added that Bitcoin has now found a pivotal support area at the $40,000 levels, and went on to explain:
The $30K level in 2021 provided support based on the Special Demand Model (S curve model).
This same level appears to have risen to $40K, once again providing primary support.
It is a moving target that generally provides a mainstay for the price.
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Besides, the Fidelity manager is also comparing Bitcoin to another valuable traditional asset also known as the yellow metal, gold.
He points out that the bitcoin/gold ratio has fallen to its breakout territory from last year.
This indicates that Bitcoin sold moderately at the $40,000 level.
The same analyst from Fidelity adds that Bitcoin has technical and fundamental support at the $40,000 level.
Even if Bitcoin drops to this level, a faster bounce could still be possible.
The Fed’s CPI inflation data and this week’s closing will be crucial in determining which direction we’re headed!
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