On-chain analyst Willy Woo is predicting that Bitcoin’s ongoing consolidation phase is nearly over as strong hands buy the most recent BTC dip.
In a new tweet, Woo cites data from blockchain analytics firm Glassnode and reveals that Bitcoin has experienced two major consolidation moves this year with the latest now almost finished.
“The second major consolidation of the 2021 bull market is nearly complete.”
Woo explains that the recent dip attracted buyers who have the habit of holding BTC for the long haul. After hitting an all-time high of $58,330 on February 21st, Bitcoin dipped to a 30-day low of $43,000 before climbing back to current levels of over $56,000.
“Strong hands came in to buy this latest dip. Red in this chart showing coins moving to HODLers with very little history of selling.”
The on-chain analyst adds that Bitcoin’s approach to its all-time high looks promising as investors build a solid base of purchases around $46,000 and higher.
“Bitcoin is once again near all-time highs. There’s solid amount of on-chain support below here.
Chart: showing just how many coins were bought at each price by current investors. A nice confirmation of the validity of these price levels.”
Woo also discloses that investors were buying BTC even as the largest crypto asset traded at record valuations.
“35% of the available Bitcoin supply was bought in the last 3 months. 5% of that available supply was bought at prices above $1 trillion market cap.”
At the time of writing, Bitcoin’s market capitalization stands at over $1.05 trillion, a figure that represents 62.5% of the value of all cryptocurrencies.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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