Bitcoin's bullish business continues to strengthen day by day. The benchmark cryptocurrency may have surpassed the $ 9,000 resistance level that previously hampered its price action.
He now seems ready to go further as his technical prospects become more and more positive.
The strength of crypto can be enhanced by an interesting trend observed among BTC investors, as they seem to be moving away quickly from their stock market holdings.
This trend is emblematic of investors adopting a long-term investment strategy, as the move from Bitcoin to cold storage indicates that these investors plan to keep their cryptocurrency for a longer period.
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Bitcoin sees strong price action as Bull-Case strengthens
Bitcoin's price action has been pretty positive lately, as the benchmark cryptocurrency has posted a strong rebound from its recent visit to $ 8,100, the result of its rejection of $ 10,000.
He has wiped out most of these losses in the past few days and seems to be getting technically stronger as he tries to gain ground above the $ 9,000 threshold.
However, BTC is facing strong resistance in the $ 9,000 region, as the sellers are expected to defend $ 9,200 and $ 9,500.
These are the two levels that the cryptocurrency was struggling to overcome before recovering more than $ 10,000 a few weeks ago.
This investor trend is extremely optimistic for BTC
This positive action on prices may be due to a tendency of investors to move their funds more and more from the stock exchanges to cold rooms.
The data The Glassnode analysis platform shows that this trend, which has been happening for a few months, is perpetuated by half.
"In the hours before and after Bitcoin's halving, the net trade flow has decreased significantly. Up to now, the event has had no impact on the trend of 2020 investors to withdraw BTC from trading. "
Image courtesy of Glassnode
A popular crypto analyst pseudonym on Twitter talked about it in a recent tweet, explaining that the results of this multi-year trend, which should be bullish, should not surprise investors.
"Fiat continues to flood the exchanges. Bitcoins continue to flood the exchanges. There has been no major change in this behavior for 2 months. The result may not be surprising, nor is the science of rockets. You see, these blockchains are pretty transparent, ”he explained, referring to the data above.
Bitcoin's exodus from trading could also provide the cryptocurrency with great stability as investors begin to treat the BTC as a store of value rather than a speculative instrument.
Featured image from Unplash.