Bitcoin Price Skyrockets; Will the Upward Trend Continue?

• Bitcoin has started the week with strong bullish trends.
• The number of Bitcoin addresses holding 0.01 BTC or less has reached a record high.
• Long-Term Holders currently own 70% of the total Bitcoin supply.

On a high note, Bitcoin has kicked off the new week, exhibiting robust bullish trends. Both cryptocurrency traders and investors are closely monitoring the FOMC meeting, given its significant influence on the broader market in the past few years.

On Wednesday, two significant events, including the cryptocurrency market, could impact global markets. The Chairman of the U.S. Federal Reserve will hold a press briefing following the announcement of the Fed’s decision on interest rates.

The latest data reveals that the count of Bitcoin addresses holding a balance of 0.01 BTC or less has reached a record peak. Approximately 37 million addresses possess an amount equal to or less than 0.01 BTC.

According to data from Glassnode, Long-Term Holders (LTH) currently own an unprecedented 70% of the total Bitcoin supply, equivalent to 14,787,265 BTC, and this proportion continues to increase. Importantly, after maintaining their Bitcoin holdings for an average period exceeding 155 days, approximately 69.2% of these long-term investors have realized profits.

Bulls are in full command

Recently, Bitcoin has demonstrated significant upward momentum. The value has risen beyond $27,000 at the time of this report. According to CMC data, it is currently being traded at $27,065. Furthermore, there has been a 43.07% increase in the trading volume.

Should the price successfully surpass the resistance level of $28,000, it will probably challenge the subsequent resistance level at $31,480. Conversely, if the price dips below the support level of $26,370, it is likely to test the critical resistance level of $25,000. The forthcoming FOMC meeting, which has the potential to influence the price in either direction, will be closely watched by all.