Bitcoin (BTC) Recovers to Around $83,000, a 1.4% Increase Over the Past 24 Hours.

Bitcoin (BTC) has recovered to around $83,000, a 1.4% increase over the past 24 hours. This followed a weekend low when prices dipped briefly to $81,222 on March 30.

Bitcoin (BTC) recovered to around $83,100 on Friday, showing a 1.4% increase over the past 24 hours. This followed a weekend low when prices dipped briefly to $81,222. Investor sentiment remains firm despite recent fluctuations, with several key indicators showing that Bitcoin is currently being traded at a discount. However, market players are carefully watching for potential economic shocks, such as future U.S. trade tariffs, that might affect near-term price action.

Strong Long-Term Confidence: 4 Key Indicators

While Bitcoin saw a 6.8% correction from March 28 to March 31, leading to $230 million in liquidated bullish futures wagers, four important signs point to the fact that long-term traders are unfazed and perceive present price levels as a purchasing opportunity.

First, on March 28, the hashrate of Bitcoin’s mining hit an all-time high of 856.2 million terahashes per second. The achievement shows that the network is becoming increasingly secure and resilient. Contrary to past instances where price decline precipitated selling by miners of their holdings, the present hashrate indicates that miners are not panic-selling, which increases investor confidence.

Second, by March 30, the 7-day moving average of net miner transfers to exchanges was just 125 BTC, which is dramatically less than 450 BTC worth of mining output per day. This suggests miners are not subject to financial pressures that would push them to offload their collateral, which again would reduce the chances of some sudden, unintended supply surge bringing about price declines.

Third, cryptocurrency exchange reserves fell to 2.64 million BTC on March 30, marking their lowest level in nearly six years. A decline in exchange reserves typically signals that investors prefer to hold their Bitcoin rather than sell, further suggesting bullish sentiment in the market.

Finally, on March 27 and 28, net withdrawals from U.S. spot Bitcoin exchange-traded funds (ETFs) were close to zero, even as the recent price correction took place. This is an indication of continued institutional interest in Bitcoin, even when there are short-term market movements.

Whale Accumulation Reflects 2020 Bull Market Trends

Mignolet from on-chain analysis determined that whale accounts with 1,000 to 10,000 BTC have been buying on the latest dips in price. The same behavior of accumulative patterns was seen in the 2020 bull cycle, where groups of whales were becoming more invested before price spikes. This type of behavior seems to show that whales are positioning themselves for another future rally, providing even more underlying strength to Bitcoin.

Bitcoin Eyes $84,000 as Technical Indicators Strengthen

Bitcoin surged at the start of trading in New York on Friday, filling in a CME futures gap that opened during the weekend. The short-term technical focus is on the $84,000 resistance level, which can open the door for a rally to the $86,700-$88,700 area if the price can be turned to support.