- Bitcoin price has surged beyond $29,000.
- On-chain data shows a large number of BTC holders are buying and holding the asset.
- A macro sentiment indicator shows Bitcoin is on the brink of a parabolic move.
Bitcoin rose significantly on Monday, surpassing the $29,000 mark. Data shows that the gains are thanks to a growing number of BTC holders.
The upcoming week is packed with economic data releases, but traders in the Bitcoin market are more focused on the long-term prospects of the asset, according to Santiment tweeting.
💰 There is a rising rate of #Bitcoin #hodlers as traders seem to have become increasingly content in keeping their bags unmoved for the long-term. We saw a similar trend from January, 2021 through April, 2021 when $BTC rose above $64k for the first time. https://t.co/xrwNhcqVLo pic.twitter.com/wYFBsx6Css
— Santiment (@santimentfeed) April 9, 2023
This could create a bullish momentum for buyers.
Examining the aSOPR
According to Ali on Twitter, the Adjusted Spent Output Profit Ratio (aSOPR) suggests that BTC is preparing for a parabolic move.
In a price forecast from last weekend, when BTC was trading around $28k, the analyst pointed to the aSOPR. As Bitcoin surged above $29k, the potential movement is still in play.
“Another Bitcoin indicator hints at explosive growth! Historically, aSORP (90d) below 1 signals a bear market, & above 1 signals a bull market. In 2015, 2019 & 2020, it led to 6,110%, 150%, & 579% gains. aSORP recently moved above 1, suggesting $BTC readies to go parabolic,” the analyst said.
Currently, BTC/USD trades around $29,200 and bulls need to break the $30k resistance zone to continue the rally. Otherwise, the consolidation of the past few weeks might lead to a dip below the range.
