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Bitcoin

Bitcoin Reclaims $27,000, Here Are The Factors Driving The Recovery

Best Owie by Best Owie
3 weeks ago
in Bitcoin News
Reading Time: 3 mins read

 

Bitcoin began another recovery trend over the weekend and has been on a bullish path since. This follows last week’s incredible bearish movement which saw the digital asset drop below the $26,000 mark for the first time in over a month. However, the bulls are beginning to pick up steam once more, but what could be driving it?

Bitcoin Accumulation Continues

Now, while the decline in prices may have been a deterrent for some, others had taken the opportunity to fill up their bags. The ‘Wholecoiner’ movement consists of Bitcoin supporters who aim to get their holdings to at least 1 BTC, making a whole coin.

Related Reading: Total Number Of Shiba Inu Addresses In Profit Drops As Market Braces For Impact

This trend has been rising over the last few years and recently hit an important milestone over the weekend. As of today, there are now over 1 million addresses that are holding at least 1 BTC for the first time in history, data from on-chain aggregator Glassnode shows.

Bitcoin addresses

Addresses holding at least 1 BTC cross 1 million | Source: Glassnode

The new milestone was reached at a time when cryptocurrencies in the space were bleeding, presenting a unique opportunity for investors to get in at lower prices. The expectation of better prices from here on out, as well as the uncertainty in the banking industry, has also been a driver in this accumulation trend.

Naturally, when investors are accumulating coins as they are now, it reduces the supply in the market. A reduced supply creates scarcity and this scarcity can lead to higher prices. So such as scenario could be what played out during the weekend.

Bitcoin price chart from TradingView.com

BTC price recovers above $27,000 | Source: BTCUSD on TradingView.com

BTC Investor Sentiment Is On The Rise

As the price of Bitcoin declined over the last week, investor sentiment went down with it, causing the Crypto Fear & Greed Index to fall below the 50 level once more. While the index still remained in neutral territory, it was bearish given that just a couple of weeks ago, the index was sitting at high greed.

Related Reading: Does The Bitcoin Price Dump Signal The Start Of Another Bear Market?

However, as BTC’s price has bounced back, sentiment has followed suit. The index is now sitting at a neutral score of 50. This puts the bears and the bulls at a stalemate, meaning each side would have to show higher strength than the other to swing it in their favor.

Despite not being back in green, it is an improvement from yesterday’s score of 48, which was dangerously close to plunging the investor sentiment back into the fear territory.

If BTC manages to maintain its current recovery trend, then investor sentiment will grow increasingly positive. However, support at $27,000 is still quite shaky and this means bears could easily take over the market, especially if momentum falls.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
Tags: bitcoinbitcoin performancebitcoin pricebtcbtcusdBTCUSDT
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Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

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