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Bitcoin price suddenly shoots up 8%

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The bitcoin (BTC) price has made a nice move today and is even trading above $40,000! It is not entirely clear where the sudden move is coming from, although there has been some positive crypto news here and there today regarding the adoption of the cryptocurrency. In this market update you can read everything about today’s price movement.

Bitcoin price skyrockets

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Where fear is still present in the shadow of the conflict in Ukraine , we have seen the BTC price be quite volatile in recent days. The invasion by Russia pushed the price back to a low of $34,322. But since that low , the price has slowly but surely crept back towards the USD 40,000 resistance zone.

Since February 24, the bitcoin price has been trading just below this, with the volatility decreasing. Last night there was a small dip back to $37,500, but today at 3:00 PM BTC jumped again. With trading volume soaring, the price broke the resistance near $40,000 an hour later, as shown in the chart below.

Bitcoin price – 1 hour chart (yellow line is $40k).
Bitcoin price – 1 hour chart (yellow line is $40k). Source: Tradingview

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At the time of writing, the price of bitcoin is $41,108 on Coinbase . BTC is traded for €36,601 on the Dutch crypto exchange Bitvavo . This marks an increase of about 5.5% from 24 hours ago. Over the past three hours, however, bitcoin is no less than 8% in the plus.

BTC meets next resistance

It is a nice move of bitcoin with which the price immediately hits the next obstacle. It concerns the resistance zone between $41,000 and $42,000, a price level where the price found support earlier this month before falling through this. It is now important that the price converts the price level at $39,300-39,500 into support.

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Especially ‘bitcoin top buyers’ sold

Then a look at the on-chain data. A new update from blockchain analysis company Glassnode shows that it was mainly the bitcoin top buyers who sold their bitcoins last week. These are the bitcoin buyers who bought BTC during the peak price and have therefore fallen deep into the minus in recent weeks. However , the hodlers held on tight despite the tumultuous times.

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