Despite the crypto hype in the recent past, a recent study by CoinShares shows digital asset investment products saw outflows totaling $54 million last week. This comes as the Bitcoin market retests its lower range of consolidation, around $27.6k, achieved in the past eight weeks. Additionally, it coincides with the increased on-chain activity fueled by the rise of BRC-20 tokens. However, the BRC-20 developer warned investors to avoid mass minting these tokens as they could get rekt of their investments.
Bitcoin Analysis
In a recent tweet, popular trader and crypto analyst Jason Pizzino highlighted that Bitcoin price is unlikely to drop below $19.5k again. Whereby the analyst insisted that such a scenario could only happen if there is something wrong with the top digital asset.
“If $22k breaks and consolidation occur under this level, then the bears have the right to come at me. Until then, buckle up and enjoy the ride of never-ending bearish narratives that change by the hour,” Pizzino noted.
In his analysis, Pizzino noted that the macro picture in the Bitcoin market is still intact. Although the analyst anticipates Bitcoin price to revisit the range between $24k and $27k in the near term basis.
Meanwhile, the analyst noted that Bitcoin’s bullish thesis will be confirmed if the instrument bounces from $26.5k and shoots above $29k.
Takeaway Points
Bitcoin and altcoin traders are closely monitoring Wednesday’s U.S. CPI data, which has historically increased the volatility across markets. In a recent report from Glassnode, it is evident that both long-term and short-term Bitcoin holders have intensified their accumulation rate despite the price range.
Nevertheless, a prior study revealed that the rate of new address creation in Bitcoin has recently declined, thus lowering the overall demand.
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