5 key reasons why Bitcoin will likely see new all-time highs soon

Cointelegraph

Published Apr 07, 2021 11:50AM ET

Updated Apr 07, 2021 01:40PM ET

The price of Bitcoin (BTC) has been under severe selling pressure by whales for the past two months, on-chain data reveals.

However, five key indicators suggest that major sellers are about to turn into hodlers or even accumulators of Bitcoin again, while institutional demand remains high. This is an explosive setup that may send Bitcoin to new all-time highs in the near term.

h3 Whales stopped selling/h3
Number of addresses with a balance equal to or greater than 1,000 BTC. Source: Glassnode
h3 Long-term hodlers selling Bitcoin are slowing down/h3
Bitcoin coin days destroyed, 21-day moving average. Source: Glasssnode
h3 Miners have turned into Bitcoin accumulators again/h3
Bitcoin miner net position change. Source: Glasssnode
h3 Institutional demand remains high/h3
Bitcoin net transfer volume from/to exchanges, 14-day moving average. Source: Glasssnode
Bitcoin balance on exchanges. Source: Glasssnode
h3 Weekly ascending triangle close to a break/h3
BTC/USD 1-week candle chart. Source: TradingView

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