The Bitcoin Market Is in One of the Largest Value Clusters

According to the latest statistics, Bitcoin is currently sitting in a large price grouping.

The Bitcoin Market Is in One of the Largest Value Clusters

Glassnode has revealed their chart of Bitcoin’s realized price distribution and confirmed that the cryptocurrency market is sitting in a large value cluster, as of this moment.

As is apparent from the chart, 2.208 million BTC have moved between $55k and $60k. The cryptocurrency might face some resistance once it reaches the next cluster between $60k and $63k, while the clusters between $36k to $42k and $48k to $50k might provide its support.

Even though Bitcoin’s price might have been experiencing a slight dip, its futures interest continues to grow, trading at historically high levels.

The overall contract value of BTC futures currently stands at $21.9 Billion, the highest since March and April of this year.

The graph shows a +76.6% growth in open interest since September of this year when it was hitting its lows, showing Bitcoin’s ability to recover from dips.

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