Bitcoin moved away from its recent highs yesterday, but today the price of the major cryptocurrency is nearing $ 46,000 as retail investor interest rises and US lawmakers attempted to change tax rules Rejected cryptocurrencies. The market also seems to be ignoring the recent poly network hack that stole around $ 600 million in crypto assets. The hackers captured Ethereum, Shiba Inu and Wrapped Bitcoin, among others.
Meanwhile, according to Glassnode data, the total supply of Bitcoin held by retail investors with a balance of 0.1 to 1 BTC has continued to grow in line with the Bitcoin price, suggesting that retail investors are buying alongside institutional investors. This is bullish news as retail investors have been a significant contributor to the upside in the past.
Recent data suggests growing interest from retail investors. Source: Glassnode
Bitcoin pulled back from the strong resistance at $ 46,672 that coincides with the 50% Fibonacci retracement of the last downward wave, but sellers failed to break the 200 SMA (red line) that is now acting as support. Should the uptrend continue and Bitcoin break above the aforementioned resistance area, the next target for the bulls would be the 61.8% retracement around $ 50,882. On the other hand, should current sentiment change, next support would be at $ 42,465. Source: xStation 5
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