Cryptocurrency bitcoin experiences a significant jump, reaching a record high of $97,000, erasing recent setbacks.
Bitcoin's Bullish Swing: Short-Term Holders Back in the Green
There's no mistaking it - Bitcoin has been on a roll! After taking a brief dip early in May, the world's leading cryptocurrency has rebounded, reaching heights last seen back in late February. As of today, Bitcoin is trading at around $97,000, a gain of over 21% from its February low.
But what's particularly exciting is the profitability that's been restored for a key segment of the market: short-term holders (STHs). According to Glassnode, STHs—who've held Bitcoin for over one month—have once again entered the green zone. This shift has several significant implications.
First off, it relieves sell pressure from older STHs, potentially indicating a positive trend if sustained. With their cost basis now below the current price, there's less urgency to offload their Bitcoin, potentially easing downward pressure on the market.
Speaking of the market, the latest employment report shows that nonfarm payrolls rose by 177,000 in April, marginally lower than the revised figure for March but still above expectations. Unemployment remained steady at 4.2%, indicating a stable job market.
Looking ahead to next week's Federal Reserve meeting, markets are predicting a unchanged benchmark short-term borrowing rate, with a likely quarter-point decrease expected in June, followed by two to three more decreases by year-end.
In other Bitcoin news:- Ripple's offer to Circle for a potential $20 billion deal didn't seem to sway the Ripple army, who don't seem to be biting at the rumors.- The Bitcoin-to-USD exchange rate is currently trading at a 40% discount, according to a specific BTC indicator.- XRP's "death cross" was denied when the short-term moving average crossed below the long-term moving average.
Hang tight as the Bitcoin market continues its rollercoaster ride! Let's hope the trend remains bullish for us STHs! 🚀💎🙌🏼💰💰💰💰
- The significant shift in Bitcoin's market landscape, with short-term holders now back in the profit zone, could potentially ease downward pressure on the market due to less urgency to sell.
- The crypto market has shown robustness, as Bitcoin, the world's leading digital currency, trades at approximately $97,000, marking a 21% increase from its February low.
- As the buzz in the finance world increasingly revolves around digital assets like Bitcoin, crypto trading continues to captivate investors, with cryptocurrency making a significant impact on the technology sector.
- In the wake of Bitcoin's bullish performance, it's intriguing to consider the implications for the broader market, as the Dow Jones Industrial Average and other traditional financial indices may start showing a greater interest in this burgeoning field.
- In the face of Bitcoin's rollercoaster ride and the expected Federal Reserve meeting next week, analysts predict an unchanged benchmark short-term borrowing rate, with a likely quarter-point decrease expected in June, possibly setting the stage for further bullish momentum.
- Despite rumors of a potential $20 billion deal between Ripple and Circle, the impact on the crypto market remains to be seen, as the rise of cryptocurrency signifies a seismic shift in the finance and technology industries that continues to draw attention.
