Bitcoin ( BTC ) broadly held its ground at $44,000 on Feb. 16. Meanwhile, renewed optimism has emerged that another macro bottom may be bypassed.
Compare to 2021 recovery
Shows BTC/USD bouncing back after an overnight plunge to $43,725 on Bitstamp.
The pair's range is getting tighter and more likely to break out to the upside or down as the support and resistance levels are also getting closer.
While fears remain that there could be a correction in the stock market, one analyst believes there is little reason to sell BTC after three months of downtrend.
“When I think about everything that BTC HODLers have endured in 2021. When I see global de-risking for over 3 months. When I see 48 percent of realized capital from 3 to 12 months ago after collapsing to 33,000 "Then I ask myself, if everything about FUD is already priced in and there are no surprises, who else is there selling here ? "
A chart shows that the percentage of coins in the total BTC supply that last moved three to six months ago – i.e. during the rally to the all-time high of $69,000 – has increased.
The so-called on-balance volume is an indicator that estimates the buying and selling pressure. This also rallied just as it did from $30,000 late last year, according to website IncomeSharks.
"Currently, conditions look like private traders are waiting to buy bitcoin until it hits an all-time high. And that's where it gets interesting again," he commented on Twitter .
"Meanwhile, the whales and savvy buyers who have accumulated at $35,000 will triple their money as we move to $100,000."
Despite recovering from last month's lows, mainstream sources are not interested in bitcoin. Data from Google Trends shows that this term is currently less searched for.
In the short term, things are looking better for some altcoins. Ether ( ETH ) was able to move higher for the day and reclaimed support above the $3,000 level .
Meanwhile, Avalanche ( AVAX ) led the top 10 cryptocurrencies by market cap. Within 24 hours he has risen by over 10 percent and was able to continue the success he has had in recent weeks .
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