Most of the Bitcoin is untouched
As new data shows, Bitcoin (BTC) price developments have been driven by a significantly limited number of market participants over the course of 2020, which may explain why the BTC has been hovering between $ 9,000 to $ 10,000 for over six weeks. According to the analysis company Glassnode, in 2020 only 27 percent of the circulating Bitcoin (BTC) supply was in motion. That means the remaining 73 percent have remained inactive, and active traders are using margin trading, futures, and options, which are believed to be responsible for all volatility. This comes from a report that shows that the basic state of the benchmark cryptocurrency is gradually increasing and may open the gates so that it can see further upward movements in the coming weeks and months.
The multi-week consolidation of Bitcoin has affected investor sentiment and has led many to believe that the BTC will collapse and trigger a new downward trend.There are several factors that actually support this scenario, such as the triple top at $ 10,500, a consecutive rejection of the $ 10,000 mark. On the other hand, there is an indicator that indicates that Bitcoin shows growing fundamental health during its consolidation phase, which could lead to a move by buyers.