The broader crypto space has been rocky since the start of the new year along with the generation of consecutive higher lows. Especially, the flagship asset has lost most of its gains over the past couple of months losing more than $300 billion in market cap. Currently, with solid rejection at $38,710 the price dropped to $37,321 with 4% negative gains round the clock.
The on-chain metric hints at a bullish divergence of up to $40k in the next couple of days. Social weighted sentiments are rising high for BTC price as retailers have returned to the market with huge accumulation. In addition, reports of Intotheblock have cleared that about $11.83 billion worth of Bitcoins left exchanges.
Bitcoin To Reach $40k In The Next 36 Hours!
Bitcoin miners have continued to pile up huge BTC bags similar to May and August cycle where the price has experienced a gigantic price action. If they continue to favor the cryptocurrency, then drastic price action could be inches away.
Moreover, the most dominant asset has seen a net realized profit of more than $2.4 billion, which was the largest since 25th November, Glassnode reported. Although the price is not much volatile, its on-chain activity has picked up very encouragingly. Interestingly, the address activity had the best day of 2022 on Wednesday.
Collectively, the aforementioned factors continue to remain positive, then we are likely to hit $40k in the next 36 hours. Meanwhile the amount of BTC being circulated has continued its solid performance to open February. As a whole bulls are currently optimistic of hitting new higher lows.