Crypto Currencies Experience Upward Movement

With Bitcoin Returning to $43,000, Anxious Investors Find Some Relief.

The daily 7% increase in BTC price seems to indicate a new bullish run for Bitcoin.

After the sudden sell-off in BTC price, the rebound is supported by on-chain metrics resetting, and there's a possibility of continued upward momentum, according to data from TradingView.

Analysts suggest that Bitcoin, after reaching $44,000 earlier this month, felt the need for a breather and started recovering after dropping to around $40,000.

Philip Swift, the creator of Look Into Bitcoin, noted in a Twitter post on December 13th that there is an increased tendency for profit-taking as BTC/USD reaches the highest levels in the last 19 months. Swift pointed to the Coin Days Destroyed (CDD) multiplier with the current BTC price and indicated the Coin Days Destroyed (CDD) multiplier reaching its highest level since May 2021 on December 11th. In his commentary, he stated, 'Coin Days Destroyed has hit levels seen at previous local tops in the early bull phase, as some HODLers take profit.'

VDD aims to measure the selling activity of Bitcoin at a specific price point relative to the length of time the supply has been dormant, indicating a revival of previously inactive supply.

The increased inflow of money into Bitcoin and Ethereum is creating a positive atmosphere in the cryptocurrency market. According to some analysts who focus on short-term BTC price movements, there is further potential for Bitcoin to progress towards the key resistance level of around $50,000.

According to the analyst, the Relative Strength Index (RSI) data showing an upward trend in the price on daily timeframes confirms this positive trend. Analyst Matthew Hyland stated on December 14th, 'BTC closing confirms this.'

Popular social media commentator Ali emphasized an optimistic situation by noting significant inflows into both Bitcoin and the largest altcoin, Ether. He stated that these conditions resemble the end of 2020 when the BTC/USD pair surpassed $20,000 for the first time.

Over $19.7 billion are flowing into #Bitcoin and #Ethereum today! This is around the same capital inflow we saw back in December 2020 before $BTC surged from $18,000 to $65,000! pic.twitter.com/pBALVN0C2c

— Ali (@ali_charts) December 14, 2023

We have a plan. We know where we’re going, why we’re going, and when we’re going. The rest is just noise,” fellow commentator BitQuant added in the latest series of bullish BTC price prognoses.

"Bitcoin should surpass the $42,000-$45,000 range by the end of the coming week and then break through all strong resistances up to $63,000.