Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/bitcoin-btc-eyes-40000-as-it-heads-for-fourth-green-week-in-row" rel="noopener noreferrer nofollow">Bitcoin</a>, the biggest cryptocurrency by market capitalization, reached $37,987 in Wednesday's trading session, nearing a one-week high. So far this year, it has increased by almost 125%.
Bitcoin (BTC) and numerous altcoins have rebounded to levels last seen a week ago, reversing virtually all of the losses from a $300 million liquidation event earlier in the week.
Bitcoin neared $38,000, a level last seen in May 2022 as part of an <a href="https://u.today/bitcoin-btc-forms-golden-cross-details" rel="noopener noreferrer nofollow">extended rise</a> fueled by hopes of new demand for the lead cryptocurrency from exchange-traded funds.
At the time of writing, the market is witnessing some profit-taking, with Bitcoin and other altcoins reversing their previous-day gains.
BTC was up 2.33% in the last 24 hours to $36,942 at the time of writing.
<h2 id="here-s-what-happened-recently">Here's what happened recently</h2>
A recent analysis from on-chain analytics provider <a href="https://twitter.com/cryptoquant_com/status/1725079610440958375" rel="noopener noreferrer nofollow">CryptoQuant</a> gives some context on what happened with the Bitcoin price.
<blockquote>
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> Update: What Happened Recently?"Short-term holders sell off while long-term holders stick around and take advantage of the situation to get more Bitcoin."by <a href="https://twitter.com/OnchainTarek?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@OnchainTarek</a> Link👇<a href="https://t.co/45DG5LOL82" rel="noopener noreferrer nofollow">https://t.co/45DG5LOL82</a>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1725079610440958375?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 16, 2023</a>
</blockquote>
In a quick-take report, CryptoQuant observed some interesting patterns among Bitcoin holders as BTC prices skyrocketed in the past few weeks.
In the analysis, the behavioral patterns of Bitcoin long- and short-term holders were examined.
One pattern was spotted: long-term holders are sticking around while short-term holders are selling off.
What is more intriguing is that the Bitcoin sold by short-term holders appears to have been purchased by long-term holders. This is more like a swap between the two groups, with long-term investors profiting from short-term ups and downs.
Long-term holders appear to be taking advantage of the recent seesaw price action of <a href="https://u.today/bitcoin-btc-whales-aggressively-accumulating-on-chain-data" rel="noopener noreferrer nofollow">BTC</a> to acquire more Bitcoin. The MVRV indicator, which remains below two, indicates that long-term investors are not in a rush to cash out.

Bitcoin's (BTC) Jump to $37,000: Here's What Happened Recently

Table of Contents

U_Today

Other articles published on Nov 16, 2023

Crypto Whale Wakes Up After 2 Years of Inactivity, Makes a Significant Move in the Market

Shiba Inu: How High Can SHIB Go In November 2023?

What is Sun Coin?

Altcoin Delight: Solana Balloons To 50%, Nearly Triples In A Month – Here’s Why

XRP ETF Rumors: BlackRock Files a Complaint

South Korea’s Pension Enters Crypto With Bet on Coinbase Shares

Join our free newsletter for daily crypto updates!