After falling at the beginning of last week, the price of Bitcoin has recovered above $52,000, nearly 6% in the last 24 hours on Wednesday.
March 3, 2021 | AtoZ Markets – On March 3, prices of the first cryptocurrency Bitcoin (BTC) rose from a level of about $47,500 to levels above $52,000. At the time of writing, the BTC price on the Bitstamp exchange reached $52,360.
As a reminder, Bitcoin price collapsed at the beginning of last week, to levels near $45,000.
Against the background of the sharp decline, analysts at the CrossTower crypto trading platform said that the interest of large investors in the first cryptocurrency will continue to support the asset price above $50,000 .
At the end of February, the CryptoQuant company recorded large batches of bitcoin outflows from the American exchange Coinbase, which is focused on large investors. According to the CEO of the firm, Ki Yoon Joo, these were price-cut digital gold purchases that they made in the OTC market.
“This is the strongest bullish signal I’ve ever seen,” the head of CryptoQuant noted at the time.
On March 3, CryptoQuant specialists stated another major Bitcoin withdrawal from Coinbase.
Whales accumulating $BTC.— Ki Young Ju 주기영 (@ki_young_ju) March 3, 2021
They are making a lot of bear traps lately, but the price seems to recover the institutional buying level, 48k.
Looking at recent Coinbase outflows, most of the outflows that went to custody wallets were at 48k price.
Chart 👉 https://t.co/20Dz85Y5mG https://t.co/28WZDD0v2h pic.twitter.com/KFSF4mcRra
Analyst Lex Moskovsky considers the stock balances in the first cryptocurrency, which are at a 3-year low, as a positive signal for the price.
Colin Wu drew attention to another sign of a bull market – the implied volatility of Bitcoin fell to the levels of early
Bitcoin is back above 50000$, an increase of over 5% in the day, the current implied volatility of BTC is decreasing to the level in early January, and the decline in implied volatility usually means that the market is bullish. Image source: @cryptounfolded pic.twitter.com/e74SMdGRX8— Wu Blockchain (@WuBlockchain) March 3, 2021
As a reminder, JPMorgan analysts suggested that bitcoin would not be able to hold record price levels above $50,000 before volatility dropped significantly.
Think we missed something? Let us know in the comment section below.