Cryptocurrency (Mar 08, 2021 11:40PM ET)
Glassnode: $47k showed strongest on-chain support since BTC broke $11k
On-chain crypto analytics firm Glassnode has reported significant on-chain support was found for BTC at the roughly $47,000 level, describing the event as the largest on-chain support identified since Bitcoin broke above $11,000 in late 2020.
According to a March 8 report from Glassnode, approximately 1.2 million Bitcoin were moved on-chain as BTC’s price traded between $45,500 to $48,900 after bouncing off a local low near $45,000 last week.Bitcoin UTXO Realized Price Distribution. Source: Glassnode