Is Bitcoin [BTC] Gearing up for a Bigger Leap Now that it is Back to $29k?

Bitcoin [BTC] traders and aficionados have been celebrating their position since it crossed the $30k milestone. The beginning of Q2 also saw a resurgence of interest in BTC from newcomers to the crypto world.

However, at press time, BTC was trading below the $30k threshold at $29,278 after falling nearly 3% in the previous 24 hours. So, what disrupted BTC’s march to new highs in the $30k range?

According to statistics from CryptoQuant analysis by CryptoOnchain, an increase in BTC sales resulted in a price adjustment over the last 24 hours. Long-term BTC holders (18 months-2 years) selling their BTC resulted in a reduction in the price of the king coin, as illustrated in the chart below.

However, the researcher saw an increase in the BTC outflow exchange balance. As a result, an increasing number of Bitcoin investors were transferring their funds to wallets. This might provide BTC with much-needed assistance as it re-enters the race to $30,000.

According to another CryptoQuant analysis, BTC’s current trajectory may be comparable to the 2018 bear market. Prior to the 2019 bull run, BTC’s price stayed much lower than the realized price in 2018. BTC traded substantially lower than its realized price during the final capitulation period before embarking on its bullish ride in 2023.

According to data from intelligence platform Santiment, the weighted sentiment towards BTC increased as of 18 April. This suggested that market participants had a favorable perspective on BTC. However, at the time of writing, social dominance and Market Value to Realized Value (MVRV) had both declined.

Although the MVRV ratio has risen significantly since the beginning of March, a decrease indicates a slight bearishness surrounding the cryptocurrency.

BTC’s Relative Strength Index (RSI) was 57 at press time, while the Stochastic RSI was 73.8. With the RSI and Stochastic RSI in neutral territory, the price of BTC might rise or fall depending on market sale or buy pressure. The neutral positions also revealed no discernible bullish or bearish tilt.

Despite the market’s neutral press time mood, BTC experienced increase in a few regions. For example, according to data from the on-chain intelligence site Glassnode, the number of addresses holding 0.1+ BTC reached an all-time high on April 19.