Investors are cautious and hopeful as Bitcoin remains in the tight $19,000 range, and is likely to make an upward run. The amount of Bitcoin held in cold storage or lost is a positive sign for the bulls as it has risen to a five-year high.
Long-term investors do not want to sell their holdings at lower levels, but smaller investors seem to be making the most of the depressed prices. The number of wallets, as per Glassnode data, holding one whole Bitcoin or more has increased sharply in 2022. The popular cryptocurrency is currently in a period of historically low volatility. It signals that a period of elevated volatility is likely ahead. Glassnode analysis states that historical precedents in bear markets have broken out from such market structure with little directional bias evident in futures markets pricing.
Currently, Bitcoin is trading at $19,566 – up by 1.99% in the last 24 hours, while Ether rose by 2.61%, changing hands at $1,334. Among the altcoins, Polygon is the biggest gainer. It’s up by nearly 8% in the last 24 hours. Uniswap (UNI) gained 5.26%, Solana gained 3.91%, and Avalanche 3.50%. In regards to Bitcoin, analysts believe the bulls are trying to extend the recovery above the zone between the 50-day simple moving average of $19,691 and the downtrend line.
BTC price is likely to rise to the stiff resistance at $20,500 – this level has put up a strong barrier since September 14. If Bitcoin manages to breach this level, BTC price could easily make a run for $22,800 as there is no major resistance to hold it back.
