Bitcoin (BTC) hodlers remain unfazed despite the leading cryptocurrency recently hitting lows of $34,000 as they continue accumulating more coins.
Data analytic firm IntoTheBlock explained:
“BTC hodlers continue to accumulate. The balance held by hodlers – addresses holding >1 year, increased by 4.13% over the past 30 days. 11.78m BTC belongs to these addresses.”
Source: IntoTheBlockMarket analyst Dylan LeClair also acknowledged that hodlers were not relenting on their quest to have more coins. He stated:
“Only 15.5% of the Bitcoin circulating supply has moved in 2022 despite rising levels of macroeconomic uncertainty. Hodlers are completely unfazed. Quite astonishing when you think about it.”
Source: GlassnodeFurthermore, BTC accumulation addresses have been going parabolic.
Source: GlassnodeMeanwhile, Ruble-denominated Bitcoin volumes are skyrocketing, given that they reached a 9-month high.
Source: KaikoBitcoin’s ruble volume topped $16 million on Thursday, its highest level in 2022. On Monday, the total was about $8.5 million.
The Russian invasion of Ukraine has sparked interest in cryptocurrencies. Both Ukrainians and Russians are running to crypto to shield their money, with the Russian ruble has already lost a third of its value this year.
On the other hand, Bitcoin is forming a bullish engulfing candle weekly.
Source: TradingViewA bullish engulfing candle appears at the bottom of a downtrend and indicates a surge in buying pressure. The bullish engulfing pattern often triggers a reversal in trend as more buyers enter the market to drive prices up further.
Bitcoin was up 16.84% in the last seven days to hit $43,387 during intraday trading, according to CoinMarketCap.
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