Bitcoin (BTC), broadly held at $44,000 and higher on February 16, amid renewed optimism that another macro low would not be reached.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Comparative recovery of OBV in 2021
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD recovered after an overnight drop to $43,725 at Bitstamp.
The pair was in tightening range and looked more primed to breakout up or down Wednesday. Support and resistance levels remained within a very short distance of spot.
Although there were fears that a correction in stocks could bring more pain to bears, one analyst argued that BTC was not being sold now that it had been three months of downtrend.
TXMC argued, “When I take into account everything BTC HODLers have done in 2021- When my global de-risking observes for 3+months- When 48% of Realized Cap STILL holds from 3-12months ago after a $33k panic- I ask: With all FUD priced in barring any surprises, who has the right to sell here?”
The chart also highlighted coins that moved between three to six months ago — the run up to $69,000 — growing as a percentage of total BTC supply.
Bitcoin Realized Cap HODL Waves chart. Source: TXMC/Twitter
The popular education resource IncomeSharks also claimed that the on-balance volume rebounded in a fashion similar to last year’s rebound of $30,000.
$BTC – Daily OBV chart. People tell me that we haven’t reached bottom… This is almost a bullish move, even more so than the $30,000 to $60,000. Double bottom, sharp bullish V spike. Price action is noise, and people listen too much to #CryptoTwitter. pic.twitter.com/vURzxYeImG
— IncomeSharks (@IncomeSharks), February 15, 2022
It added that “These are the conditions in which retail waits for Bitcoin to be bought after it’s at an All Time High” and was quoted in a tweet.
“Meanwhile, the smart buyers and whales who paid close to $35,000 for their goods will triple their money if they go to $100,000.
Despite the rebound from the lows last month, Bitcoin interest remained virtually nonexistent according to mainstream sources. Google Trends data showed a clear lack of curiosity among users.
Google Trends: Search data for “Bitcoin”
VAX leads the top 10 altcoin gains
Some altcoins had better news in the short term, with Ether (ETH), gaining on the day of cementing support above $3,000
Related: Traders believe $4,000 Ethereum is on the cards ‘if this bullish chart pattern plays’
The ETH/USD briefly touched $3,200, but then returned to consolidate, at 5-day highs.
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView
Avalance (AVAX) led the top 10 cryptocurrency market capitalizations. It posted 24-hour returns exceeding 10% and has continued its success in recent weeks.