Bitcoin rallies more than 17% over two weeks
30 Mar 2023
Over the past fortnight, Bitcoin has rallied over 17%, showing resilience amid regulatory headwinds.
The price of the world's largest cryptocurrency surpassed $29,000 – albeit briefly - on Thursday before edging down to around $28,500 at the time of writing.
Other cryptocurrencies, including Ether – the world's second-largest – and XRP declined over 24 hours, halting a multiday rally, CoinDesk reports.
According to on-chain data, certain traders and so-called whales are taking profits following weeks of gains, which may result in a fall within the next few days.
"On-chain data shows three conditions that are worth noting in the context of Bitcoin's current rally," according to a note by analytics firm CryptoQuant, shared with CoinDesk.
"Short-term holders are taking profits at the highest profit margin in over a year. There's a recent increase in spending activity in large Bitcoin holders (whales) and a slight decrease in their holdings. And price valuation momentum is increasing to overvaluation territory," the note went on to say.
According to data from CryptoQuant's Short Term Output Profit Ratio tool, which measures the ratio of the price received/price paid for assets held between one hour and 155 days, the reading rose above one over the last week, signalling investors were likely selling token holdings at a profit.
In addition, data tracking whale wallets revealed more than 320,000 Bitcoin had been moved or spent by large organisations over the last week.
That said, the company added that the world's largest cryptocurrency remains "well inside a bull market," indicating a short-term fall doesn't mean an extensive decline.
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