Cryptocurrencies See Speedy Recovery

Chart of the Day

In spite of the dismal trading volume across major exchanges that is largely caused by investor passivity amid such uncertain times, BTC has managed to inch back above the $51k level, opening the door to greater upside movements. In the same vein, ETH has also been picking up on its recovery momentum after stabilizing above the $4,250 level, and is currently consolidating at the $4,350 resistance zone. Further, on-chain metrics suggest that the behavior of BTC HODL-ers, which is often used as a gauge of smart money sentiment, remains more bullishly inclined than ever. Only 2.63% of the old coin supply has changed hands since Oct. 27, while a huge majority of the supply older than 6 months also remains unspent. When viewed in tandem, the above constitutes a firm price wall against any sudden and drastic price deteriorations.