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Glassnode: $47k showed strongest on-chain support since BTC broke $11k

Published 03/08/2021, 10:06 PM
Updated 03/10/2021, 12:00 AM
Glassnode: $47k showed strongest on-chain support since BTC broke $11k

On-chain crypto analytics firm Glassnode has reported significant on-chain support was found for BTC at the roughly $47,000 level, describing the event as the largest on-chain support identified since Bitcoin broke above $11,000 in late 2020.

According to a March 8 report from Glassnode, approximately 1.2 million Bitcoin were moved on-chain as BTC’s price traded between $45,500 to $48,900 after bouncing off a local low near $45,000 last week.

Bitcoin UTXO Realized Price Distribution. Source: Glassnode

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