The price of Bitcoin (BTC) increased by 2.14% in the last day, reaching an intraday high of $81,300 on Tuesday. This leads to a 21% increase over 30 days and a 5% gain over a week.
This growth occurred at the same time as long-term holders, according to data compiled by CryptoQuant, amassed almost 330,000 BTC. The number of long-term holders (LTHs)—groups who have kept Bitcoin for six months or more without selling it—increased as the price of the cryptocurrency rose beyond $81,000.
Adding 331,000 BTC to their holdings on a rolling 30-day basis, which is almost $26.7 billion at Tuesday’s market price, is what LTHs did, according to CryptoQuant’s figures. With the price starting to recover, there has been an increase in accumulation, since this represents around 1.6% of the total supply.
Traders Eye $84K Zone
The euphoric sentiment around Bitcoin has been accompanied by $1.18 billion worth of strong inflows into US-based spot Bitcoin exchange-traded funds (ETFs) for the last three days running. The fact that these investment vehicles received $532 million on Monday suggests that institutional investors are taking a keener interest in Bitcoin. This development shows that exchange-traded fund (ETF) flows have resumed and market sentiment for Bitcoin is strengthening.
The Bitcoin liquidation heatmap shows that almost $80,000 in liquidity is being eroded by the price, and that there are millions of bid orders stuck between the present price and $84,600.
The $84,000 zone is being actively watched by several traders since it lines up with the CME gap that was created in early February. After breaking over the $77,500 resistance level, technical analysts have verified a bull flag on the daily chart.