The global digital cryptocurrency market printed green indexes on Monday as the biggest digital assets Bitcoin (BTC) regained the much anticipated $35k price level. The recent price surge indicates the Bitcoin bulls’ recovery victory and preparation for the long awaited bull run. Moreover, the top altcoins also replicated the positive market sentiments as the cumulative market cap jumped by around 1.5% over the past day.
Bitcoin Bulls regain momentum
According to the data provided by intotheblock, Bitcoin has crossed the $35,000 threshold for the second time in the last 7 days sparking enthusiasm among investors. It highlighted that more than 78% of holders are in profit right now. It added that 1.94 million crypto addresses had previously acquired Bitcoin around this level, underscoring the significance of this vital price level.
Bitcoin price is up by over 26% in the last 30 days. BTC is trading at an average price of $35,210, at the press time. Its 24 hour trading volume is up by 26% to stand over $13 billion. The crypto community expects a massive victory for the bulls if Bitcoin manages to hold this position.
Data recorded by Blockware Solutions and Glassnode depicts that the number of blockchain addresses holding a minimum of $1,000 worth of Bitcoin (BTC), equivalent to 0.028 BTC at the current price of $35,115, has reached a historic high of 8 million.
Can BTC hold $35k level?
Tuğba Türker, On-chain data analyst mentioned that stock market inflows and outflows over the last 7 days appear to be balanced. However, the increasing profitability could lead to heightened selling pressure. The concentration of costs around the $34,000-$35,000 range plays a critical factor.
She added that as long as $34K is protected, we can evolve into more positive market conditions, If it is not protected then Bitcoin can revisit $30K for sure.
It should be noted that more than 700k new Bitcoin addresses were created in a single day. Analysts point out that network growth serves as a reliable predictor of future price movements. This can go into anyone’s bull or bear’s favor. However, investors remain watchful of potential downside risks. The surge in new addresses and sustained profitability for holders add layers to the evolving narrative of digital assets’ role in the global financial ecosystem.