Bitcoin has crossed $ 45,000. Can you still catch it?

The price of Bitcoin (BTC) rose to $ 44,600 in the week (August 7) ​​and then to $ 45,000, the highest since the crash of May 19.

Crypto Fear and Discrimination Index, which reflects the sentiment of the cryptocurrency market, has not returned to the 'greedy' level for a long time, which has improved market sentiment, indicates the market was still in horror last time around . hli.

Crypto Fear and Greed Index Source: Alternatives

This bitcoin rebound wave dates back to July 20, when Bitcoin fell below $ 30,000, and the so-called 'indomitable'. After a brief period of strong sales, it saw support at $ 37,000, then rebounded again, breaking through the $ 45,000 mark for the week. So, since below $ 30,000 Bitcoin has climbed over $ 15,000, and the gain is over 50%, can it be saved now?

Example of Bitcoin daily report Source: Tradingview

Bitcoin's mixed structure continues to indicate that its recent rally will not end anytime soon. Traders continue to use bitcoin because the price of bitcoin relative to the exchange or market is lower than the competitive price. Cash flow from the exchange continues to exceed cash flow in the exchange, heralding aggregation models more than selling models.

Bitcoin's price once fell below $ 38,000 on Wednesday, hovering around $ 37,000. However, many bitcoins leaked from the exchange within two hours of the price falling. 19,300 BTC traded two hours after the price fell, indicating that traders were keeping bitcoins without selling them.

The exchange rate continued to decline and the money coming out of the exchange in personal wallets continued to rise, indicating that the market was still storing Bitcoin. Bitcoin exchange rates fell after the price fell from all season highs, and that number continues to drop. More and more bitcoin is coming off the exchanges, indicating that there is currently no selling point. So, the more traders try to get as many bitcoins as possible, the more the value of bitcoin is expected to increase.

According to a CryptoQuant report a week ago, the number of BTCs held by the exchange during trading fell by more than 100,000 in two days. This means that there is a huge amount of buying in the market, which often leads to an oversupply of goods, which increases the value of the product. A large amount of bitcoin is traded daily through exchanges to personal wallets, and a large number of bitcoins are traded through leading exchanges such as Binance and Coinbase.

A NUPL greater than zero indicates the market is falling, while a value less than zero indicates the state is falling. As NUPL moves away from zero, it can help traders find the upper and lower levels of the market. And this indicator shows the difference of zero (0) as seen from the heat map. Blue means 'religion'. happiness, ”he added.

For example, in March of last year, after Bitcoin NUPL successfully rebounded from the red zone, the color of the heat map changed from yellow to green, rising from zero to rising. Since then, the value of Bitcoin has also increased from around $ 10,000 to $ 65,000. From the chart below, it is clear that Bitcoin is still in the early stages of its rise.

Bitcoin enters NUPL repair Source: Glassnode

Crypto analyst Will Clement also mentioned indications that Bitcoin will rise again until October 2020. Short-term holders sell their Bitcoin securities to long-term holders, making the old holdings of Bitcoin shares in August 2021 almost equal to October 2020. Will Clemente said: "Long-term holders now hold over 66% of the stock. Usage and short-term holders are now almost 20%. Only long-term holders supply before starting a large business in October 2020. "This shows that the recent price is based on demand from traders who are reluctant to sell Bitcoin.

Short term holders sell, long term investors increase 丨 Source: Glassnode

Although the price of Bitcoin has reached the market, the outlook for Bitcoin is very positive. Meanwhile, after El Salvador made Bitcoin a fiat currency, Uruguay recently introduced a cryptocurrency bill based on the national fiat currency. Meanwhile, well-known banks JP Morgan Chase and Wells Fargo have announced that high-value consumers will have the opportunity to expand into the cryptocurrency market. All of this suggests that Bitcoin will have a "bright" future and whether you can catch up with the bulls will depend on whether you are a long-term trader or a short-term investor. luv.