BTCUSDT increased sharply, the market was hot
Updated
Currently, the spending On-Chain Transaction Value (SOVB) index for these wallets is decreasing, indicating a decrease in activity and a potential market sentiment for price appreciation. The impressive annual increase of Bitcoin (BTC) is fueling a bullish sentiment in the cryptocurrency market.
Conversely, smaller Bitcoin holders, those with 10-100 BTC in their wallets, are contributing to selling pressure. However, this pressure has had limited impact recently and is in line with the early stages of a bull market. The SOVB index for these wallets shows an increase, indicating an uptick in selling activity.
On the 4-hour chart, despite not seeing many significant breakthrough transactions since surpassing the psychological level of $33,000, a bullish channel has formed with prices trading steadily and no signs of the current trend being broken, reinforcing the continuation of the upward momentum.
Conversely, smaller Bitcoin holders, those with 10-100 BTC in their wallets, are contributing to selling pressure. However, this pressure has had limited impact recently and is in line with the early stages of a bull market. The SOVB index for these wallets shows an increase, indicating an uptick in selling activity.
On the 4-hour chart, despite not seeing many significant breakthrough transactions since surpassing the psychological level of $33,000, a bullish channel has formed with prices trading steadily and no signs of the current trend being broken, reinforcing the continuation of the upward momentum.
Trade active
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BTCUSDT has dropped to entry, let's wait and see what it will do nextNote
Trade closed: target reached
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Note
As the context continues to develop with the participation of more organizations, the cryptocurrency market can see more confirmation and integration into the mainstream financial.
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