Bitcoin Above $60k but Volatility at Monthly Lows
The Bitcoin price encouragingly broke above $60k over the weekend on ‘supply shock’ fears, but volatility remains at monthly lows. At the same time, miners are earning more from transaction fees—Mempool swelling, forcing the cost of moving value higher, while users are unfazed since the average transaction value is comparatively higher.
HOLDers have theupper handat spot rates despite derivatives traders shelling more to keep their ‘BTC Long’ position open. According to data, funding is high, indicating that more traders are net-long BTC despite relatively low volatility. Still, Bitcoin's utility isn't a doubt. The average transaction value is rising. Besides, more miners are securing the network since revenue continues to chart higher on increasing adoption.
Impact on the BTC Price:
Bullish. There could be a reverse side as a price shock could place coins at the hands of ‘whales' and long-term HODLers, a net positive for price. Presently, traders are optimistic of price gains above $62k in a bull trend continuation of Q1 2021.
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