Bitcoin is currently trading above $11,500 after the price touched the lowest position of $11,300 in the week. The movement of price in the upward direction is correlated with the Fed Chair speech this week, which could propel safe-haven assets into the bullish zone.
Correlation between the Fed’s Speech and BTC Price
Jerome Powell’s speech leaves a clear impression that the Fed could print more money in the future whenever it is needed. The inflation caused by surplus printing is good for Bitcoin as investors will definitely find a safe asset to hold or invest money. Prominent crypto analysts predicted that speech could push the price above $12k but the price is still hovering around $11,600.
As Bitcoin is exchanging hands above $11,500, we can say that it is still bullish. After capturing $12k, the next goal of the top digital asset is $15,000. Vinny Lingham, the CEO of hardware wallet Civic, said in a tweet:
“It looks to me that #Bitcoin is poised for another leg up, with an overshoot above $15k, but then a retrace and heavy consolidation around $14k for a few weeks at least. I doubt this sub-$12k price holds for much longer and $10k represents strong support right now.”
The latest week remains positive for Bitcoin and other altcoins. Ethereum has reached $426 after surging by 5.55%. Chainlink, Cardano, and Tron are also the best performing digital assets. In the past 24-hours, Tron has been jumped by more than 10%.
HODLing of Bitcoin
According to a new report by Glassnode, HODLers are not willing to sell their BTC. Instead, they want to store as they believe Bitcoin price may start to show a breakout soon. Most investors have not moved Bitcoin for two years. Bitcoin supply that has not been transferred or moved from two years has jumped from 34% in July 2019 to 44% to the current times.
Another interesting trend is also noted which reveals that miners also want to store Bitcoin rather than selling it. According to the given data, miners hold over 1.8 million bitcoins that is the highest amount in more than two years.
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