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Bitcoin Breaks $15K as Investor Statistics Peak

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Nov, 16 2020

Nov, 16 2020

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Bitcoin’s gathering is still going as investors collect the cryptocurrency, overlooking overbought signals on technical indicators.

Bitcoin (BTC, +8.28%) design to $15,017.05 at 10:50 a.m. ET (15:50 UTC) on Thursday, its maximum level ever since January 2018.

The price advances occurred as global equities assembly. European stock catalogs are up around 1% on the day, and U.S. stock indexes such as the S&P 500 are up and about over 2%.

The cryptocurrency is currently up 7.8% over the past 24 hours and ended 108% on a year-to-date basis, conferring to CoinDesk's Bitcoin Price Index.

During the price rally, the amount of "buildup addresses" has increased to a record high of 519,228, rendering to data source Glass node.

The metric has climbed by 3% in the past four weeks, together with Bitcoin's rally from $10,500 to $15,000. It displays retail flow investors amassing amid the price assembly, Denis Vinokourov, head of the study at the London-based prime brokerage Bequant, told CoinDesk in a Telegram conversation.

Also, buildup speeches are up over 9% in 2020, meaning investors have been accruing coins through the year, possibly creating rising pressure on prices.

Remarkably, the number of Bitcoins locked in buildup addresses has moved up 20% to 2,818,447 BTC this year.

Buildup addresses are those that have at least two inward "non-dust" transfers and have never consumed funds. The metric does not comprise addresses fit into miners and exchanges and eliminates addresses active more than seven years ago to regulate lost coins.

In a symbol of sureness in the cryptocurrency's long-term prospects, investors collected coins through the March crash and the price drop in September. In both cases, the price dip was short-lived.

The current rise in both accretion addresses and prices specifies the market participants are not concerned about a chart-driven sell-off and forecast a continued increase in prices.

Bitcoin's 14-day comparative strength index (RSI) has been representative of overbought conditions since Oct. 20, when Bitcoin was interchanged near $11,700. So far, the practical pullback has remained subtle.

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