Bitcoin is moving within a pivotal zone after crossing 74,000 dollars. Behind this rebound, CryptoQuant's on-chain data reveal a gradual increase in selling pressure, notably driven by whales' activity.
Bitcoin's April performance has been impressive, with the cryptocurrency posting close to 10% gains and briefly touching $75,000. However, momentum appears to be waning, and blockchain analytics provide insight into the underlying reasons.
As Bitcoin (BTC) attempts to hold the $74,000-$75,000 area, an analyst suggested that the flagship crypto could see another 10% rally toward a key area, but warned that this level could be the ceiling. Related Reading: BNB Chain's RWA Value Tops $3.5 Billion As Global Ecosystem Grows Bitcoin Double Bottom Breakout Targets Key Level In a Wednesday analysis, crypto analyst Rekt Capital shared an outlook for Bitcoin's potential rally, as it holds the $73,000-$74,000 area as support for the first time in a month.
Blockstream CEO Adam Back wants Bitcoin upgraded now. He made his case at Paris Blockchain Week, calling for quantum-resistant changes to the network before threats become real.
Within 72 hours, several on-chain metrics flagged as red drivers have flipped, fueling the market resurgence.
Bitcoin attempts to recover from a key support zone, while the Bitcoin-to-gold ratio signals a potential shift in momentum, raising the question of whether a long-term bottom is forming and whether Bitcoin can outperform gold in the next cycle despite geopolitical risks.
The Morgan Stanley Bitcoin Trust is also within striking distance of overtaking three other US spot Bitcoin ETFs that launched in January 2024.
The Bitcoin Policy Institute (BPI) has released a new policy proposal for the United States aimed at establishing what it calls “stablecoin supremacy.” The proposal, published on Wednesday, is structured around five policy areas and comes on the heels of the already-enacted GENIUS Act.
Bitcoin tests resistance as selling meets tightening supply, leaving the next move dependent on buyer strength.
Bitcoin has been leaving centralized crypto exchanges, which is a good sign that investors are accumulating and holding.
The Blockstream CEO told Paris Blockchain Week that Bitcoin should build quantum-resistant upgrades now, a day after Jameson Lopp proposed freezing vulnerable coins instead.
Adam Back warned that Bitcoin should begin preparing for potential quantum computing risks, despite the threat possibly being decades away.