{"id":127027,"date":"2025-04-11T19:34:31","date_gmt":"2025-04-11T19:34:31","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127027"},"modified":"2025-04-11T19:34:31","modified_gmt":"2025-04-11T19:34:31","slug":"bitcoins-10-weekly-gain-amid-worrying-us-economic-data-shows-crypto-trader-sentiment-shift","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127027","title":{"rendered":"Bitcoin\u2019s 10% weekly gain amid worrying US economic data shows crypto trader sentiment shift"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsA key Bitcoin (BTC) metric signaled a potential shift in its positioning after BTC\u2019s long-term holder realized cap (LTH Realized Cap) surpassed $18 billion for the first time since September 2024. Data from CryptoQuant indicated that this cohort has exhibited aggressive accumulation, which previously marked the BTC bottom in Q3 2024.\u00a0<br \/>\nThe LTH realized cap measures the BTC cost basis of investors, holding their allocation for 155 days or more. A sharp increase hints that these long-term holders are in an accumulation phase, parallel with bullish behavior.\u00a0<br \/>\nBitcoin LTH net position realized cap. Source: CryptoQuantAs illustrated in the chart, a spike in this metric has preceded bullish rallies in the past. Most recently, the LTH realized cap reached $18 billion on Sept. 8, 2024, after which Bitcoin registered 100% returns over the next few months.\u00a0<br \/>\nAnother key confluence that matches the current bottom setup with September 2024 is the significant drop in open interest. BTC\u2019s OI reached an all-time high of $39 billion in July but dropped by 25% by September. Similarly, Bitcoin\u2019s open interest dropped 28% between Dec. 18 and April 8,<br \/>\nBitcoin open interest. Source: CoinGlassThe concurrent rise in LTH Realized Cap and a leverage wipeout strongly support the likelihood of a Bitcoin price bottom. However, Bitcoin\u2019s open interest has surged by nearly 10% in the past 24 hours, suggesting that the price action following this spike could offer better directional bias in the coming days.\u00a0<br \/>\nRelated: Bitcoiners\u2019 \u2018bullish impulse\u2019 on recession may be premature: 10x Research<br \/>\nBitcoin builds support at $79K<br \/>\nAfter forming a new yearly low at $74,500 on April 7- April 9, BTC prices have rallied by almost 10% over the past three days. With respect to price levels below the $80,00 level, Glassnode data revealed that BTC had established credible support at the $79,000. In an X post, the data analytics platform mentioned,<br \/>\n\u201cLooking at Cost Basis Distribution, Bitcoin has built notable support at $79K, with ~40K BTC accumulated there. It has also worked through the $82.08K cluster (~51K BTC).\u201d<br \/>\nBitcoin heatmap based on cost basis distribution. Source: X.comAs illustrated in the April 6- April 11 heatmap, supply distribution highlights investor accumulation patterns. This follows Bitcoin\u2019s rally past $81,000, spurred by a 2.4% US CPI rate and President Trump\u2019s 90-day tariff pause, with market sentiment leaning toward cautious optimism for a relief rally.<br \/>\nLikewise, anonymous technical analyst Cold Blooded Shiller noted a descending trendline for Bitcoin, with BTC price testing a potential bullish breakout. The analyst said,<br \/>\n\u201cGot to admit, that&#8217;s looking very enticing for BTC.\u201d<br \/>\nBitcoin 1-day chart analysis by Cold Blooded Shiller. Source: X.comRelated: Bollinger Bands creator says Bitcoin forming &#8216;classic&#8217; floor near $80K<br \/>\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-s-10-weekly-gain-amid-worrying-us-economic-data-shows-crypto-trader-sentiment-shift?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsA key Bitcoin (BTC) metric signaled a potential shift in its positioning after BTC\u2019s long-term holder realized cap (LTH Realized Cap) surpassed $18 billion for the first time&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127027"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127027"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127027\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127027"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}