Is bitcoin [BTC] Now that it’s back at $29k, prepare for a bigger jump?

• Bitcoin was trading 3% lower than the previous day, falling to $29,278 at press time.
• However, the number of addresses holding 0.1+ BTC hit an all-time high.

Since bitcoin [BTC] surpassed the $30,000 mark, dealers and enthusiasts of the king coin have been delighted with its position. The beginning of Q2 also saw renewed interest in BTC from various novices in the crypto community.

However, at press time, BTC was exchanging hands below the $30,000 mark at $29,278 after falling almost 3% in the past 24 hours. So what disrupted BTC’s path to making new highs in the $30,000 zone?

Read Bitcoins [BTC] Price prediction 2023-2024

Was this all temporary?

According to data from CryptoOnchain’s CryptoQuant analysis, a surge in selling BTC over the past 24 hours has led to a price correction. As shown in the chart below, the sale of long-term (18 months to 2 years) BTC holders caused the king coin price to drop.

Source: CryptoQuant

However, the analyst also pointed to an increase in the BTC exchange balance. This meant that an increasing number of BTC investors were moving their coins to wallets. So, this could provide BTC with much-needed support to get back in its race to $30,000.

Source: CryptoQuant

According to another CryptoQuant analysis, BTC’s ongoing trajectory could resemble the 2018 bear market. Before the 2019 bull run, BTC’s price remained well below its 2018 realized price. Before BTC could start its 2023 upside move, BTC was trading much lower than its realized price in the final phase of capitulation.

Source: CryptoQuant

Year of the Bulls then?

Data from intelligence platform Santiment showed weighted sentiment toward BTC rising on April 18. This indicated that traders in the market were bullish on BTC. However, social dominance and market value to realized value (MVRV) have been showing declines at the time of writing.

Although the MVRV ratio has posted a notable increase since early March, a decline indicated a subtle bear market around the cryptocurrency.

Source: Santiment

At press time, BTC’s Relative Strength Index (RSI) is sitting at 57, while the Stochastic RSI is sitting at 73.8. With the RSI and Stochashtic RSI in neutral zones, the price of BTC could rise or fall depending on higher selling or buying pressure from the market. The neutral positions also showed no significant bullish or bearish bias.

Source: CryptoQuant

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Despite the neutral market sentiment at press time, BTC has seen growth in a few areas. For example, according to data from on-chain intelligence platform Glassnode, the number of addresses holding 0.1+ BTC reached an ATH on April 19.

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📈 #Bitcoin $BTC number of addresses with 0.1+ coins just reached an ATH of 4,311,947

View metric: https://t.co/hZY8dBLpzX pic.twitter.com/O1rBNGspfL

— Glassnode Alerts (@glassnodealerts) April 19, 2023

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