Last week, bitcoin declined 4 percent to reach the price of 112,000 as dissatisfactory macroeconomic data caused a rush of risk-off moods. Arthur Hayes cautioned that BTC had a chance of testing $100,000 once again. But according to WeFi CEO Maksym Sakharov, the pullback was something to be expected, with a good rally and a new all-time high. He thinks that the market is cooling off to get ready to rise again.
XRP Takes the Markets by storm
XRP was the most promising among the top 10 digital assets that had registered an increase of 5 percent in the last 24 hours overcoming the $3 barrier. Ethereum, Solana and BNB were also recording incremental values. This is an indication of a very early market stabilization following the bouts that were experienced in the market last week.
On-Chain Data Shows Resilient Demand
It was mentioned by CryptoQuant analyst Abramchart, who indicated the NUPL indicator that is currently above 0.5. This is a sign of investor confidence as most holders remain in profit. Analyst Darkfost further inferred that addresses that are heaping up Bitcoin without liquidating them only increase. In the last one month, these wallets have added 50,000 BTC.
Supply is absorbed by the Long-Term Holders
The statistics reveal that approximately 160,000 BTC shifted into the hands of long-term holders in the past 30 days. A robust trend in the quantity of inactive supply minus new issue. In other words, a positive apparent demand is the verification of consistent purchasing. According to Sakharov, such signals indicate high structural demand. Which presumiably means that Bitcoin will resume its bull market in the near future.
