Bitcoin price circles $44K as analyst asks, ‘Who remains to sell here? Leave a comment

The chances of another sell-off to $30,000 are slim, according to on-chain data.

Bitcoin (BTC) broadly held levels at $44,000 and above on Feb. 16 amid fresh optimism that another macro low would be avoided. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

OBV sparks 2021 recovery comparisons

Data from Bitcoin Markets Pro and TradingView showed BTC/USD rebounding after an overnight dip to $43,725 on Bitstamp.

In a tightening range, the pair looked increasingly primed for a breakout up or down Wednesday, as support and resistance levels stayed within a short distance of spot.

While fears that a stocks correction could cause fresh pain for bears remained, one analyst, in particular, argued that there was now hardly any impetus to sell BTC after three months of downside.

“When I consider everything BTC HODLers withstood in 2021- When I observe global de-risking for 3+ months- When I see 48% of Realized Cap STILL held from 3–12 months ago after a $33k scare- I ask: with all existing FUD priced in, barring surprises, who remains to sell here?” TXMC argued.

An accompanying chart highlighted coins that last moved between three and six months ago — the run-up to the $69,000 all-time high — growing as a proportion of the overall BTC supply.

Bitcoin Realized Cap HODL Waves chart. Source: TXMC/Twitter

On-balance volume, a metric designed to estimate buy and sell pressure, likewise recovered in a style that popular education resource IncomeSharks claimed mimicked last year’s rebound from $30,000.

“These are the conditions where retail waits to buy Bitcoin after it’s at an all time high and it’s all over the news again,” it added in a tweet on the day.

“Meanwhile the whales and smart buyers who loaded up near $35,000 will 3x their money if we go to $100,000.”

Despite the recovery from last month’s lows, interest in Bitcoin stayed practically nonexistent from mainstream sources, with Google Trends data showing a distinct lack of curiosity from users.

Google search data for “Bitcoin.” Source: Google Trends

AVAX leads top 10 altcoin gains

There was better short-term news for some altcoins, with Ether (ETH) gaining on the day to cement support above the $3,000 mark.

Related: Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

ETH/USD briefly hit $3,200 before returning to consolidate, still at five-day highs.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Meanwhile, the top 10 cryptocurrencies by market capitalization were led by Avalance (AVAX), which put in 24-hour returns of over 10% to continue its success in recent weeks.

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