A week ago bitcoin was trading at #59k from $48494 and the price is more than 17.42 in the past week. On February, 22 there was a drop in the price, which was roughly at 20% based on the price data of coinmarketcap. It can be concluded that based on this price action, it canj be said that recovery was complete on March 13, 202.
The price rally move have reset after over 3 dips after the one on Feb, 22. Bitcoin Median Output Lifespan (MSOL), is one of the metrics that support this reset in the price rally. 1- month high of 2.595 was just reached by MSOL’s value. On March 8, the previous one month high, was reached and price has been up at 11% since that time.
The asset trading $1000 away from the previous ATH, was the popular signs of this reset and which have snowballed the chances of hitting ATH and price discovery beyond.
Microstrategy on the institutional front, recently bought an additional 262 Bitcoins for #15 million in cash and which have snowballed the average price of the bitcoin holdings to $59146 for one Bitcoin.
Also, the price of one Bitcoin in average has increased from $24214 to $59146 and which is putting optimism that this price level will be supported by institutions and the price rally will reset. An increased inflow of stablecoins to exchange signals a reset of the price rally and which was catalysed by another 100 million USDC, that was printed in the last few hours.
Bitcoin has been surpassed by 5 rising altcoins at an average range of five folds in sevem days. Altcoins have registered a weekly gain of more than 100%. Decentraland MANA, price is up to 104.25%, Chiliz CHZ, Coinmarketcap price are upto 696. 28%., ANkr ANKR is up to 142.61 % and they are top altcoins based market on market capitalization.
On-chain analysis and network indicators concur. However, the target remains the same, and post this reset as well, it is expected that the price may enter discovery mode post $60000, after hitting a new ATH. The S2F and S2Fx targets are yet to be hit in April 2021, however, the historic drop in price in March of every year, may not repeat in the current market cycle.