Bitcoin price circles $44K as analyst asks: ‘Who remains to sell here?’
The chances of another sell-off to $30,000 are slim, according to on-chain data.
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Bitcoin (BTC) broadly held levels at $44,000 and above on Feb. 16 amid fresh optimism that another macro low would be avoided.
OBV sparks 2021 recovery comparisons
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rebounding after an overnight dip to $43,725 on Bitstamp.
In a tightening range, the pair looked increasingly primed for a breakout up or down Wednesday, as support and resistance levels stayed within a short distance of spot.
While fears that a stocks correction could cause fresh pain for bears remained, one analyst, in particular, argued that there was now hardly any impetus to sell BTC after three months of downside.
“When I consider everything BTC HODLers withstood in 2021- When I observe global de-risking for 3+ months- When I see 48% of Realized Cap STILL held from 3-12 months ago after a $33k scare- I ask: with all existing FUD priced in, barring surprises, who remains to sell here?” TXMC argued.
An accompanying chart highlighted coins that last moved between three and six months ago — the run-up to the $69,000 all-time high — growing as a proportion of the overall BTC supply.
On-balance volume, a metric designed to estimate buy and sell pressure, likewise recovered in a style which popular education resource IncomeSharks claimed mimicked last year’s rebound from $30,000.
$BTC – Daily OBV chart. And people telling me we aren’t bottomed out… This is almost a more bullish move than last time we went from $30,000 to $60,000. Double bottom, very sharp bullish V spike. Price action is just noise and people are listening too much to #CryptoTwitter. pic.twitter.com/vURzxYeImG
— IncomeSharks (@IncomeSharks) February 15, 2022
“These are the conditions where retail waits to buy Bitcoin after it’s at an all time high and it’s all over the news again,” it added in a tweet on the day.
“Meanwhile the whales and smart buyers who loaded up near $35,000 will 3x their money if we go to $100,000.”
Despite the recovery from last month’s lows, interest in Bitcoin stayed practically nonexistent from mainstream sources, with Google Trends data showing a distinct lack of curiosity from users.
AVAX leads top ten altcoin gains
There was better short-term news for some altcoins, with Ether (ETH) gaining on the day to cement support above the $3,000 mark.
Related: Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out
ETH/USD briefly hit $3,200 before returning to consolidate, still at five-day highs.
The top-ten cryptocurrencies by market cap were led by Avalance (AVAX), meanwhile, which put in 24-hour returns of over 10% to continue its success from recent weeks.
