70% of BTC dormant for a year — 5 things to know in Bitcoin this week
Cointelegraph
20 Nov 2023 9:59 AM
Bitcoin lines up the week's key potential BTC price triggers as $37,000 becomes a focal point....
- Bitcoin (BTC) starts Thanksgiving week with a return to $37,000 as bulls maintain control.
- BTC price action remains close to 18-month highs, with a 7% increase month-to-date.
- Macroeconomic data releases and Bitcoin's network fundamentals will shape the coming days.
- Supply dynamics show a reluctance among long-term holders to sell, with dormant coins making up over 70% of the supply.
- Bitcoin dominance remains strong, indicating the possibility of a crypto bull market.
- BTC price action is currently rangebound, with support around the $37,000 mark.
- Downside targets include $33,000 and even below $31,000.
- Open interest and funding rates in the Bitcoin market are staying neutral.
- U.S. Thanksgiving week will see the release of important macroeconomic data, including jobless claims.
- Bitcoin has become less susceptible to macro-induced volatility, but unemployment surprises can still impact short-term momentum.
- Consensus is that interest rates will remain unchanged at the Federal Reserve's upcoming meeting.
- Bitcoin network fundamentals are at or near all-time highs.
The sentiment in the article is generally positive, highlighting the bullish momentum of Bitcoin and the positive state of its network fundamentals. However, there is also mention of potential downside targets and the need to monitor macroeconomic data releases.