{"id":177156,"date":"2021-02-13T02:00:00","date_gmt":"2021-02-12T23:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-bulls-eye-50k-as-data-show-btcs-liquid-supply-in-steady-decline\/"},"modified":"2021-02-13T02:00:00","modified_gmt":"2021-02-12T23:00:00","slug":"bitcoin-bulls-eye-50k-as-data-show-btcs-liquid-supply-in-steady-decline","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-bulls-eye-50k-as-data-show-btcs-liquid-supply-in-steady-decline\/","title":{"rendered":"# Bitcoin bulls eye $50K as data show BTC\u2019s liquid supply in steady decline"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a38baac9be20\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a38baac9be20\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-bulls-eye-50k-as-data-show-btcs-liquid-supply-in-steady-decline\/#PayPal_delves_deeper_into_cryptocurrency\" >PayPal delves deeper into cryptocurrency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-bulls-eye-50k-as-data-show-btcs-liquid-supply-in-steady-decline\/#Choppy_trading_sets_the_tone_in_traditional_markets\" >Choppy trading sets the tone in traditional markets<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin bulls eye $50K as data show BTC\u2019s liquid supply in steady decline <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>On Feb. 12 Bitcoin (BTC) price hit a new all-time high at $48,985 before pulling back to the $46,000 level.\u00a0<\/p>\n<p>A quick glance at the 4-hour chart shows the top-ranked cryptocurrency trading in what <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be a brief phase of consolidation but BTC is still maintaining its bullish momentum through a pattern of higher highs and higher lows. <\/p>\n<p>If BTC can maintain its current pace and structure, a move to the $50,000 level could possibly occur before the weekend ends. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/8dfa8365-7477-480b-8219-9ccc1c49c385.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>A report released by analysts at Decentrader shows that as Bitcoin\u2019s liquid supply has been decreasing, demand for the top cryptocurrency has been increasing as the number of BTC that have not moved on-chain for an extended period of time also rises. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/15b5cac7-04f7-4d3a-8cbe-915bc4f162a5.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin liquid supply. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/glassnode.com\/\"><em>Glassnode<\/em><\/a><\/figcaption><\/figure>\n<p>As can be seen on the chart above, BTC currently has a liquid supply of roughly four million coins and the figure has been steadily decreasing since June 2020 as whales and institutional investors increase their exposure to this nascent asset class. <\/p>\n<p>Further evidence of the growth of big-money players can be found by looking at the surge in wallets holding more than 1000 BTC. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/c0a463bb-99f3-433d-9e1e-0c2cb5f2bfe9.png\"><figcaption style=\"text-align: center;\"><em>Wallets holding at least 1000 BTC vs BTC price. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decentrader.com\/\"><em>Decentrader<\/em><\/a><\/figcaption><\/figure>\n<p>As the number of large wallets grows, the number of smaller wallets has remained flat or decreased, indicating that \u201clarger players are scooping up bitcoin off smaller players.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"PayPal_delves_deeper_into_cryptocurrency\"><\/span>PayPal delves deeper into cryptocurrency <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Additional bullish <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> for the cryptocurrency sector came as PayPal announced that it plans to extend its crypto services to residents of the United Kingdom. <\/p>\n<p>This marks the first time users outside of the U.S. will be able to purchase crypto through the platform which should be available on the PayPal and Venmo apps by the end of Q2 2021. <\/p>\n<p>In an effort to keep up with the likes of PayPal and the Cash App, Apple Pay has unveiled a new partnership with BitPay that will allow Apple Wallet users to use their BitPay card to make purchases. <\/p>\n<p>It has also emerged that Grayscale Investments may soon bring a new level of exposure to decentralized finance as a newly filed corporate registration in the State of Delaware shows that the asset manager is considering Yearn Finance as a potential future offering. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Choppy_trading_sets_the_tone_in_traditional_markets\"><\/span>Choppy trading sets the tone in traditional markets<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Traditional markets faced early pressure on Friday following the Feb.11 announcement that federal regulators have launched probes into Robinhood and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Reddit<\/a> for signs of market manipulation related to the recent wild moves seen in stocks like <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">Game<\/a>Stop and AMC. <\/p>\n<p>After weathering the early downturn, all three major indices managed to climb higher and finish the day in the positive with the S&amp;P 500 and NASDAQ closing out the session at record levels, up 0.47% and 0.50% respectively. The Dow also managed to squeeze out a positive gain of 0.09%. <\/p>\n<p>The wider cryptocurrency market continued its bullish upsurge as multiple projects saw double-digit gains and new all-time highs. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/7e9a6517-6234-4305-9d70-6ace95e04175.png\"><figcaption style=\"text-align: center;\"><em>Daily cryptocurrency market performance. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>Ether (ETH) ventured deeper into uncharted territory on Friday by setting and set a new all-time high at $1,863, while Polkadot (DOT) was the best performing top-10 coin, experiencing an increase of 21% overnight for a new high at 29.52. <\/p>\n<p>Other notable performers include the pure proof-of-stake protocol Algorand (ALGO), which increased 38% for a 2021 high at $1.84, and Tezos (XTZ), which saw its price increase 23% for a new record high of $5.41.<\/p>\n<p>The overall cryptocurrency market cap now stands at $1.48 trillion and Bitcoin\u2019s dominance rate is 60.4%.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-bulls-eye-50k-as-data-show-btc-s-liquid-supply-in-steady-decline\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin bulls eye $50K as data show BTC\u2019s liquid supply in steady decline &#8221; On Feb. 12 Bitcoin (BTC) price hit a new all-time high at $48,985 before pulling back to the $46,000 level.\u00a0 A quick glance at the 4-hour chart shows the top-ranked cryptocurrency trading in what appears to be a brief phase&#8230;<\/p>\n","protected":false},"author":1,"featured_media":177157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvOWFkZTg0N2UtNTZkOC00MTI1LTgyNzktZTE3OGI2YjljZmFiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,74863,74860,74868,74891,75150,73785],"class_list":["post-177156","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-defi","tag-ethereum","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/177156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=177156"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/177156\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/177157"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=177156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=177156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=177156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}