BTC’s Network Activity Rises above $55,000 Price Level

Bitcoin’s steady price movements between $55k and $60k have increased its on-chain activity. While the digital asset is currently in a consolidation phase, a large portion of the overall BTC supply has started moving between the mentioned price range.

Glassnode’s latest data indicates that more than 2.2 million coins were last moved between $55,000 and $60,000. The price level of $55,000 has acted as decent support in the last few days. However, the crypto asset has seen strong resistance near $60,000.

“The Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term market currently sits in one of the largest realized value clusters. Over 2.208 million BTC have last moved on-chain between $55k and $60k. The next large cluster between $60k and $63k may act as resistance, whilst support can be found at $50k and again at $42k,” Glassnode mentioned.

Bitcoin’s recent market correction has caused panic among short-term holders. However, large institutional holders called the latest dip a 'normal' price decline in its history. Additionally, a positive sign for long-term BTC holders is that the market cap of Bitcoin has not dropped below $1 trillion since October 2021.

Stable Market

Commenting on the recent stability in the crypto market and Bitcoin’s mass adoption, Paolo Ardoino, CTO at Bitfinex, said: “Markets appear to be in wait and see mode as we head towards the end of the year. Rather than focus on price movements, I would urge the industry as a whole to contemplate just how far we’ve come in what has been another monumental year for the digital token economy. Whether you consider the continued ascent of Defi or the emergence of the Lightning Network as an undeniable force in achieving mass adoption in bitcoin payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, the silence of bitcoin’s critics is noticeable.”

“El Salvador's bitcoin bond is the most recent example of how the space is evolving in ways seemingly unimaginable during the crypto winter. I would urge the industry to unite and give itself a collective pat on the back for all that has been achieved,” Ardoino added.