Bitcoin (BTC) has surpassed once again $28,000 as short-term holders sell once again at a profit. According to Blockware Solutions, there could be a bullish sentiment among holders as it shows that there has already been capitulation among them. Analysts shared this information in a weekly newsletter and the market registered gains in recent hours.
Bitcoin Surges and Regains $28,000
Bitcoin and digital currencies experience gains as the market seems to be turning positive for investors. The largest cryptocurrency in the world surged by 2.3% in the last 24 hours and it gained almost 4% in the last 7 days alone.
Other digital currencies are also registering gains, but Bitcoin and Ethereum seem to be the best-performing digital currencies in the last 24 hours. For example, Ethereum (ETH) registered 3% gains during the last 24 hours reaching a 4.5% increase in the last week alone.
Among the top 10, Binance Coin (BNB) grew by 2%, XRP surged by 1.1%, Cardano (ADA) moved higher by 0.6%, and Dogecoin (DOGE) grew by 0.8%. Polygon (MATIC), instead, didn’t register gains during the same period of time.
According to Blockware Solutions, the STH-SOPR is now back above one. The STH-SOPR indicator makes reference to the short-term holder’s spent output profit ratio. As per the analysts, this is bullish for the near-term price action of Bitcoin.
It will be important to follow the upcoming days for Bitcoin and other virtual currencies. This could bring positive things to the whole market. One of the things that investors are looking at is related to the halving event that is expected to take place in 2024.
The halving event will reduce the new issuance of Bitcoin from 6.25 BTC to 3.125 BTC per block. Bitcoin inflation will be reduced to just 450 BTC per day that will be available for investors to buy all around the world.