Data published today from Cointelegraph Markets and on-chain data provider lookintobitcoin found that Bitcoin's (BTC) price remains well positioned as on-chain analysis and BTCs reaction to global events continue to play to the crypto assets strengths.<\/p>\n
Bitcoins block reward halving occurred nearly a month ago, and many analysts believe the event failed to produce the strong pre- and post-halving rally investors expected. Despite this, there is ongoing evidence that retail and institutional investors remain focused on accumulating Bitcoin and other cryptocurrencies.<\/p>\n<\/p>\n
Macro assets current year returns (%). Source: Skew.com<\/p>\n
As shown by data from Skew, Bitcoin continues to lead among asset classes as the best performing asset, with a 35.95% gain year-to-date.<\/p>\n
Proof of increasing institutional investor interest is supported by recent reporting that crypto fund manager Grayscale Investments is accumulating Bitcoin at a rate equivalent to 150% of the new coins created by miners since the May 11 block reward halving.<\/p>\n
Furthermore, in May, hedge fund CEO Paul Tudor Jones announced that Tudor Investment Corphad allocated roughly 1%2% of funds under management to Bitcoin CME futures.<\/p>\n
There has also been a noticeable uptick in consumer interest in cryptocurrency and the digital payments serviceSquarerecently announced that its Bitcoin revenues increased by 71% versus the previous quarter to $306 million.<\/p>\n
Bitcoin adoption is surging due to global uncertainties, and the increasing popularity of digital currencies has resulted in peer-to-peer Bitcoin exchanges Paxful and Local Bitcoins seeing surging demand throughout Africa and Latin America.<\/p>\n
According to lookintobitcoin, on-chain metrics show Bitcoins fundamentals remain bullish despite any threats of post-halving miner capitulation and turmoil in global markets.<\/p>\n
Even through the March 13 cataclysmic drop to $3,750 there was continued growth in the number of Bitcoin addresses with balances below 1 BTC.<\/p>\n<\/p>\n
Bitcoin addresses with a balance below 1 BTC. Source: lookintobitcoin<\/p>\n
On-chain data also shows that long-term investors continued to hold through the crash and after the halving, suggesting Bitcoin holders have no intent to sell over the short to medium term.<\/p>\n
To date, Bitcoin's price continues to meet resistance at $10,000, but the asset remains in an uptrend as investors have been buying into each dip below $9,500. According to lookintobitoin creator Philip Swift:<\/p>\n
The recent confluence of the 200 day moving average and the 128 day MA creates an area of important support for price. During the 2016\/17 bull market the 128 MA frequently acted as key support for price. Again, two weeks ago, price bounced right off it and ran back towards the $10,000 area.<\/p>\n
Swift further explained that while Bitcoin continues to retest the $10,000 area, it is noteworthy that retraces from $10K are becoming less violent each time, suggesting buyers are stepping in earlier in anticipation of $10K ultimately being breached.<\/p>\n
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