Predictions forecasting future stance of bitcoin and crypto markets always make headlines. But what do the facts and data say? Blockchain analytics firm IntoTheBlock has come out with interesting insights which throw light on the current state of the BTC and digital asset markets. These also can be used to draw thoughtful conclusions about the future.
BTC has range-traded in the $7000-$7600 zones for quite some time now. An in-depth analysis brings attention to a few facts which can provide a sensible explanation for this market behavior.
1.7 Million Bitcoins Trading Between the $7000 and $7450 Range
Since the research was published on January 3, $7450 was pretty tough to clear resistance for bitcoin price then. BTC is trading at 00 at the time of writing. But, ‘IntoTheBlock’s In-Out Money Analysis’ states that even with current market spot rates (not sporadically north of the $7450 mark), the sheer number of around 1.7 million bitcoins actively changing hands, is making it difficult for BTC to break past the current window.