04-12-2025, 07:58 AM
Bitcoin’s 10% weekly gain amid worrying US economic data shows crypto trader senti
<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDMvMDE5NTdiYTUtODAwZS03ZGRhLWJkMDItODUxYmFhZDYwOGFm.jpg"></p><p><p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDMvMDE5NTdiYTUtODAwZS03ZGRhLWJkMDItODUxYmFhZDYwOGFm.jpg" alt="Bitcoin’s 10% weekly gain amid worrying US economic data shows crypto trader sentiment shift"></p><p>A key Bitcoin<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null"> (BTC)</a> metric signaled a potential shift in its positioning after BTC’s long-term holder realized cap (LTH Realized Cap) surpassed $18 billion for the first time since September 2024. Data from CryptoQuant <a data-ct-non-breakable="null" href="https://cryptoquant.com/analytics/query/66632d34b50afb0215438e35?v=66632d34b50afb0215438e37" rel="null" target="null" text="null" title="null">indicated</a> that this cohort has exhibited aggressive accumulation, which previously marked the BTC bottom in Q3 2024. <p>The LTH realized cap measures the BTC cost basis of investors, holding their allocation for 155 days or more. A sharp increase hints that these long-term holders are in an accumulation phase, parallel with bullish behavior. </p><figure><img alt="Bitcoin Price, Markets, Bitcoin Futures, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-04/01962563-09ca-7aab-904c-351675227ace" title=""><figcaption style="text-align: center;"><p><em>Bitcoin LTH net position realized cap. Source: CryptoQuant</em></p></figcaption></figure><p>As illustrated in the chart, a spike in this metric has preceded bullish rallies in the past. Most recently, the LTH realized cap reached $18 billion on Sept. 8, 2024, after which Bitcoin registered 100% returns over the next few months. </p><p>Another key confluence that matches the current bottom setup with September 2024 is the significant drop in open interest. BTC’s OI reached an all-time high of $39 billion in July but dropped by 25% by September. Similarly, Bitcoin’s open interest <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-significantly-de-risked-here-as-nearly-80-of-cyclical-price-correction-is-done-analyst" rel="null" target="null" text="null" title="null">dropped</a> 28% between Dec. 18 and April 8, </p><figure><img alt="Bitcoin Price, Markets, Bitcoin Futures, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-04/01962560-3387-7cd6-9272-dc55f6641cd0" title=""><figcaption style="text-align: center;"><p><em>Bitcoin open interest. Source: CoinGlass</em></p></figcaption></figure><p>The concurrent rise in LTH Realized Cap and a leverage wipeout strongly support the likelihood of a Bitcoin price bottom. However, Bitcoin’s open interest has surged by nearly 10% in the past 24 hours, suggesting that the price action following this spike could offer better directional bias in the coming days. </p><p><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-bullish-impulse-recession-premature-crypto-analyst-forecast" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-bullish-impulse-recession-premature-crypto-analyst-forecast"><em><strong>Related: Bitcoiners’ ‘bullish impulse’ on recession may be premature: 10x Research</strong></em></a></p><h2>Bitcoin builds support at $79K</h2><p>After forming a new yearly low at $74,500 on April 7- April 9, BTC prices have rallied by almost 10% over the past three days. With respect to price levels below the $80,00 level, Glassnode data <a data-ct-non-breakable="null" href="https://x.com/glassnode/status/1910670021778366872" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/glassnode/status/1910670021778366872">revealed</a> that BTC had established credible support at the $79,000. In an X post, the data analytics platform mentioned, </p><blockquote>“Looking at Cost Basis Distribution, Bitcoin has built notable support at $79K, with ~40K BTC accumulated there. It has also worked through the $82.08K cluster (~51K BTC).”</blockquote><figure><img alt="Bitcoin Price, Markets, Bitcoin Futures, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-04/01962589-44a2-7bf5-8f07-d0ccf3813880" title=""><figcaption style="text-align: center;"><p><em>Bitcoin heatmap based on cost basis distribution. Source: X.com</em></p></figcaption></figure><p>As illustrated in the April 6- April 11 heatmap, supply distribution highlights investor accumulation patterns. This follows Bitcoin’s rally past $81,000, spurred by a 2.4% US CPI rate and President Trump’s 90-day tariff pause, with market sentiment leaning toward cautious optimism for a relief rally. </p><p>Likewise, anonymous technical analyst Cold Blooded Shiller <a data-ct-non-breakable="null" href="https://x.com/ColdBloodShill/status/1910652383320752313" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/ColdBloodShill/status/1910652383320752313">noted </a>a descending trendline for Bitcoin, with BTC price testing a potential bullish breakout. The analyst said, </p><blockquote>“Got to admit, that's looking very enticing for BTC.”</blockquote><figure><img alt="Bitcoin Price, Markets, Bitcoin Futures, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-04/0196258b-0cef-73de-b73c-b2b7272c8ecf" title=""><figcaption style="text-align: center;"><p><em>Bitcoin 1-day chart analysis by Cold Blooded Shiller. Source: X.com</em></p></figcaption></figure><p><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bollinger-band-creator-bitcoin-forming-classic-floor-below-80k" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bollinger-band-creator-bitcoin-forming-classic-floor-below-80k"><em><strong>Related: Bollinger Bands creator says Bitcoin forming 'classic' floor near $80K</strong></em></a></p><p class="post-content__disclaimer" type="">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p><template data-name="subscription_form" data-type="markets_outlook" label="Subscription Form: Markets Outlook"></template></p>
</p>
https://cointelegraph.com/news/bitcoin-s...er_inbound
<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDMvMDE5NTdiYTUtODAwZS03ZGRhLWJkMDItODUxYmFhZDYwOGFm.jpg"></p><p><p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDMvMDE5NTdiYTUtODAwZS03ZGRhLWJkMDItODUxYmFhZDYwOGFm.jpg" alt="Bitcoin’s 10% weekly gain amid worrying US economic data shows crypto trader sentiment shift"></p><p>A key Bitcoin<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null"> (BTC)</a> metric signaled a potential shift in its positioning after BTC’s long-term holder realized cap (LTH Realized Cap) surpassed $18 billion for the first time since September 2024. Data from CryptoQuant <a data-ct-non-breakable="null" href="https://cryptoquant.com/analytics/query/66632d34b50afb0215438e35?v=66632d34b50afb0215438e37" rel="null" target="null" text="null" title="null">indicated</a> that this cohort has exhibited aggressive accumulation, which previously marked the BTC bottom in Q3 2024. <p>The LTH realized cap measures the BTC cost basis of investors, holding their allocation for 155 days or more. A sharp increase hints that these long-term holders are in an accumulation phase, parallel with bullish behavior. </p><figure><img alt="Bitcoin Price, Markets, Bitcoin Futures, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-04/01962563-09ca-7aab-904c-351675227ace" title=""><figcaption style="text-align: center;"><p><em>Bitcoin LTH net position realized cap. Source: CryptoQuant</em></p></figcaption></figure><p>As illustrated in the chart, a spike in this metric has preceded bullish rallies in the past. Most recently, the LTH realized cap reached $18 billion on Sept. 8, 2024, after which Bitcoin registered 100% returns over the next few months. </p><p>Another key confluence that matches the current bottom setup with September 2024 is the significant drop in open interest. BTC’s OI reached an all-time high of $39 billion in July but dropped by 25% by September. Similarly, Bitcoin’s open interest <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-significantly-de-risked-here-as-nearly-80-of-cyclical-price-correction-is-done-analyst" rel="null" target="null" text="null" title="null">dropped</a> 28% between Dec. 18 and April 8, </p><figure><img alt="Bitcoin Price, Markets, Bitcoin Futures, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-04/01962560-3387-7cd6-9272-dc55f6641cd0" title=""><figcaption style="text-align: center;"><p><em>Bitcoin open interest. Source: CoinGlass</em></p></figcaption></figure><p>The concurrent rise in LTH Realized Cap and a leverage wipeout strongly support the likelihood of a Bitcoin price bottom. However, Bitcoin’s open interest has surged by nearly 10% in the past 24 hours, suggesting that the price action following this spike could offer better directional bias in the coming days. </p><p><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-bullish-impulse-recession-premature-crypto-analyst-forecast" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-bullish-impulse-recession-premature-crypto-analyst-forecast"><em><strong>Related: Bitcoiners’ ‘bullish impulse’ on recession may be premature: 10x Research</strong></em></a></p><h2>Bitcoin builds support at $79K</h2><p>After forming a new yearly low at $74,500 on April 7- April 9, BTC prices have rallied by almost 10% over the past three days. With respect to price levels below the $80,00 level, Glassnode data <a data-ct-non-breakable="null" href="https://x.com/glassnode/status/1910670021778366872" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/glassnode/status/1910670021778366872">revealed</a> that BTC had established credible support at the $79,000. In an X post, the data analytics platform mentioned, </p><blockquote>“Looking at Cost Basis Distribution, Bitcoin has built notable support at $79K, with ~40K BTC accumulated there. It has also worked through the $82.08K cluster (~51K BTC).”</blockquote><figure><img alt="Bitcoin Price, Markets, Bitcoin Futures, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-04/01962589-44a2-7bf5-8f07-d0ccf3813880" title=""><figcaption style="text-align: center;"><p><em>Bitcoin heatmap based on cost basis distribution. Source: X.com</em></p></figcaption></figure><p>As illustrated in the April 6- April 11 heatmap, supply distribution highlights investor accumulation patterns. This follows Bitcoin’s rally past $81,000, spurred by a 2.4% US CPI rate and President Trump’s 90-day tariff pause, with market sentiment leaning toward cautious optimism for a relief rally. </p><p>Likewise, anonymous technical analyst Cold Blooded Shiller <a data-ct-non-breakable="null" href="https://x.com/ColdBloodShill/status/1910652383320752313" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/ColdBloodShill/status/1910652383320752313">noted </a>a descending trendline for Bitcoin, with BTC price testing a potential bullish breakout. The analyst said, </p><blockquote>“Got to admit, that's looking very enticing for BTC.”</blockquote><figure><img alt="Bitcoin Price, Markets, Bitcoin Futures, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-04/0196258b-0cef-73de-b73c-b2b7272c8ecf" title=""><figcaption style="text-align: center;"><p><em>Bitcoin 1-day chart analysis by Cold Blooded Shiller. Source: X.com</em></p></figcaption></figure><p><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bollinger-band-creator-bitcoin-forming-classic-floor-below-80k" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bollinger-band-creator-bitcoin-forming-classic-floor-below-80k"><em><strong>Related: Bollinger Bands creator says Bitcoin forming 'classic' floor near $80K</strong></em></a></p><p class="post-content__disclaimer" type="">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p><template data-name="subscription_form" data-type="markets_outlook" label="Subscription Form: Markets Outlook"></template></p>
</p>
https://cointelegraph.com/news/bitcoin-s...er_inbound