On-chain analytics provider, Glassnode, has revealed that there is solid support at the $47,000 level for Bitcoin. It came to this conclusion in its latest ‘Week on Chain’ report using analysis from chart guru Willy Woo and data scientist Rafael Schultze-Kraft (@n3ocortex).

It added that Woo noted a significant volume of BTC was transacted on-chain around $45,000, forming an on-chain support level late last week.

Schultze-Kraft highlighted that this support level has actually strengthened to rest above $46.6k, with 1.2 million BTC, or 6.5% of circulating supply, transacting in this zone.

#Bitcoin has held composure around $50k this week despite volatility in traditional markets.

This Week On-chain, we deep dive into how three key network participants managed this correction.

– Miners
– Long Term Holders
– Short Term Holders

See More👇https://t.co/RdxqSjhc37

— glassnode (@glassnode) March 8, 2021

Is BTC Accumulation Increasing?

Glassnode pointed out that the patterns suggest an increase in accumulation interest at these levels:

“When a large volume of coins move on-chain and an on-chain support level holds, it suggests that there is significant accumulation interest and buyers see it as a ‘value’ entry point.”

However, it also noted that should price fall below this support level, it would become a level where overhead supply may form equally strong resistance.

Using the UTXO Realized Price Distribution metric, which shows which prices the current set of Bitcoin unspent transaction outputs were created, the on-chain support level at $47k is the largest since prices were $11k, it added.

“This range now represents one of the largest on-chain BTC accumulation levels in history, certainly the largest since the last cycle’s $20k ATH was breached.”

The balance of Bitcoin on exchanges also continues to decline which could indicate readying to sell or hodling in cold wallets. The report added that throughout February the rate of miner sales was declining, whereas today, it is almost net neutral meaning that miners could be accumulating also.

Bitcoin Price Update

At the time of press, Bitcoin was changing hands for $54,150 according to Tradingview which has reported a 24 hour gain of almost 7%.

It is the highest the asset has traded since Feb. 22 when it was falling back from the all-time high of $58,250 the previous day. Bitcoin is currently facing resistance here and needs to break above $55,900 to make a move towards a new ATH.

On the downside, support can be found in the $48,000 region however BTC is currently in the process of forming its fifth green candle in a row so the bulls are running the show at the moment.

Coinbase has yet to go public, and the markets are already on fire in anticipation of the most awaited direct listing in the cryptocurrency world and the what will be the first major listing ever recorded on the Nasdaq.

An independent valuation based on the price of its shares in private markets determined that Coinbase has a potential valuation of between $90 billion and $100 billion before its direct listing.

During its Pre-Listing Days, Coinbase Went Up

According to activity in late February, this price would far exceed a previous valuation of $77 billion. At the time, confidential sources told Coindek that as the “big day” approached, speculators were bidding higher and higher on the stock.

“The third weekly transaction closed on Friday and the clearing price was $303 a share. The first week it was 200 bucks a share, the second week it was $301 a share, and the third week it was $303 a share. So you can kind of see price discovery happening.”

Bloomberg reported that, during the last day of private trading before the direct listing, investors traded Coinbase stocks at a range between $350 to $375, which would raise Coinbase’s valuation by as much as 33% in a matter of weeks, and over 300% higher than what analysts expected for its IPO (priced at just $28 million).

Before going public, credited investors could trade Coinbase shares on the Nasdaq Private Market, a restricted market with low volume and high volatility, where a limited number of participants can speculate on the price of some shares of companies that are not yet publicly traded.

The numbers, however, do add up to its expected performance. After registering a bad year during the bear period of the crypto markets back in 2018, Coinbase grew to become the colossus it is today.

Coinbase filed paperwork to list on NASDAQ exchange. The highlights from their S-1 document shows:
-CEO, Brian Armstrong’s 2020 earnings: $60 million
-2020 Revenue: $1.2 billion
-Assets Under Management: $90 billion
-Verified Users: 43 million#BTC #Cryptohttps://t.co/U80EZHbXZo

— Kenneth Omoya (@KennethOmoya) March 1, 2021

A Small Step for a Crypto Exchange, a Giant Leap for the Crypto Industry

Due to its characteristics, the private market is not necessarily an accurate indicator to determine what will happen when Coinbase becomes publicly available; however, it is an excellent reference to see what the markets expect to happen… And the future looks promising.

And we’re not just talking about Coinbase, but almost the entire cryptocurrency ecosystem. Coinbase going public is one of the most significant supports for the crypto industry in recent times.

The United States is one of the countries with the highest volume of exchange trading, has one of the world’s largest GDPs, concentrates a significant number of cryptocurrency startups, and yet is known for having strict laws when it comes to digital assets.

A stock exchange listing could provide an additional layer of legitimacy in the eyes of potential new users, stimulating the growth of its customer base. This would simply accelerate a trend that has been growing over time, especially in the aftermath of the COVID-19 market crisis.