Bitcoin price is currently moving just under $ 60,000 and is moving away from testing the previous $ 61,636 ATH. The best cryptocurrency to fall below 60% for the first time since the start of this bull season is in focus due to its declining market dominance. However, there are institutional BTC exits from exchanges, and more importantly, blockchain metrics, including the actual reward of BTC, show a strong bull case.
A popular crypto analyst named William Clemente III pointed to strong consolidation and price discovery between $ 55,000 and $ 60,000. The price point is facing the strongest resistance since last year at $ 11,000. If Bitcoin manages to pass this stage, the next target could be $ 72,000.
$55k-60k is building up the largest base of capital since $11K last year. Once we break out of this massive consolidation, highly unlikely we'll ever see these #bitcoin price levels again.
Aka "The point of no return" each cycle. pic.twitter.com/NXa9FPO6qq
— William Clemente III (@WClementeIII) April 3, 2021
Another factor that creates a strong bullish situation is that miners and long-term Hodlers stop selling their Bitcoins and often start to accumulate in anticipation of more bullish momentum.
— William Clemente III (@WClementeIII) April 2, 2021
Only 2.4 Million Bitcoins left on the exchanges
The total circulation supply of BTC is around 18.67 million and only 2.4 million left for people to buy and save. The BTC supply has seen a steady decline with prices rising. Given that institutions are just starting to buy and are doing so at tremendous speed, there will be even less BTC others can buy.
This bull season saw some of the biggest criticism, and financial giants like JP Morgan, Morgan Stanley, Goldman Sachs, Paypal, and VISA all rushed to add Bitcoin or Bitcoin-based investment products to their portfolios.
Bitcoin closed its 26th day above $ 50,000 yesterday, which is higher than the entire 2017 bull rally, which lasted less than a month.
While the likes of MicroStrategy and Tesla use Bitcoin as a treasury reserve asset, many gold investors believe BTC is the new store of value. Many on Wall Street believe that when they realize that Bitcoin, like others, will become more costly to buy, more institutions will rush to add Bitcoin.