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Bitcoin (BTC) was on the verge of a nine-day winning streak – but barely, as the largest cryptocurrency’s recent price momentum appeared to slow.
The bitcoin price was around $47,026 as of press time, down 1.67% from yesterday.
The cryptocurrency had climbed for eight consecutive days, lifting the price from about $40,000 and reaching a new 2022 high around $48,200 on March 28.
“Based on recent price action, it looks like BTC is consolidating within a range and has room to move higher,” blockchain analytics platform Nansen told CoinDesk. “There are other clear indicators that risk appetite in the market has increased.”
According to Nansen, Ethereum gas fees have been very high recently, which has typically been a solid indicator of a shift to more risk-on investor behavior.
“Bitcoin dropped in the early hours of the morning, after the largest blockchain game Axie Infinity suffered a $625 million hack,” wrote Global Block in its newsletter. “The dip has been bought up as bitcoin remains above $47,000, showing great strength amongst the news of the hack.”
The hack happened in cross-chain bridges that are secured by only one centralized computer.
MacroStrategy, a wholly-owned subsidiary of the enterprise analytics and mobility software provider MicroStrategy (MSTR) that invests in bitcoin as its central business strategy, has obtained a $205 million loan collateralized by bitcoins from Silvergate Bank.
MacroStrategy can use the loan to purchase bitcoin or pay interest and fees related to the loan or for its or MicroStrategy’s general corporate needs.
Luna Foundation Guard (LFG), a non-profit organization focused on UST, resumed buying the largest cryptocurrency after taking a break on Tuesday. It has purchased 5,773 BTC, worth $272 million, this week.
“The buy pressure of MicroStrategy and Luna Foundation Guard is understandably contributing to a strong uptrend in the short-term,” Global Block wrote.
“It could be a simple lull now that MicroStrategy and Terra have paused their buying at this moment” said Jason Deane, chief bitcoin analyst at Quantum Economics. “But it could also be a period of simple consolidation after an eight day run.”
If it is a consolidation, “these are often considered a bullish indicator, as it gives the market time to build a new base on which to make further price discovery,” Deane told CoinDesk.
Deane also said that the number of HODLers, who stick to a buy-and-hold strategy, is increasing rapidly – a positive sign for the price of bitcoin. This also signifies the confidence of long-term bitcoin holders.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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