Bitcoin (BTC) has recovered to approximately $83,100**, reflecting a **1.4% increase** over the past 24 hours. This rebound follows a brief weekend dip to **$81,222 on March 31, underscoring resilient investor confidence despite looming market uncertainties.
Key Metrics Suggest Bitcoin is Undervalued
Despite a 6.8% correction from March 28–31, which liquidated $230 million in bullish futures bets, four critical indicators highlight long-term investor optimism:
- Mining Hashrate Peaks: On March 28, Bitcoin’s hashrate reached an all-time high of 856.2 million TH/s, signaling robust network security and minimal miner sell-offs.
- Low Miner-to-Exchange Transfers: The 7-day average of miner transfers to exchanges dropped to BTC 125 (versus daily mining output of ~BTC 450), indicating reduced selling pressure.
- Exchange Reserves Hit 6-Year Low: Bitcoin reserves on exchanges plunged to BTC 2.64 million on March 30, suggesting strong hodling sentiment.
- Stable ETF Flows: Near-zero net withdrawals from US spot Bitcoin ETFs on March 27–28 reflect sustained institutional confidence.
👉 Why Bitcoin’s Undervaluation Matters
Whale Accumulation Mirrors 2020 Bull Run
On-chain analyst Mignolet reports that whale addresses (1,000–10,000 BTC) are accumulating Bitcoin at levels reminiscent of the 2020 bull cycle. This behavior signals anticipation of a potential upward breakout.
BTC/USD Technical Analysis: Targeting $84,000
- CME Gap Closed: Bitcoin’s rally on March 31 filled the weekend futures gap, a short-term bullish signal.
- Key Resistance: The $84,000** level is pivotal. A breakout could propel BTC toward **$86,700–$88,700.
- Support Zones: Failure to breach $84,000 may trigger a retest of **$78,200–$76,560**.
Bitcoin Price Prediction: Cautious Optimism
While macroeconomic risks (e.g., US tariffs on April 2) persist, Bitcoin’s fundamentals remain strong:
- Whale accumulation
- Declining exchange liquidity
- Institutional ETF flows
Traders should monitor $84,000** (resistance) and **$81,000–$80,000 (support).
FAQ
Why did Bitcoin drop to $81,222?
A combination of profit-taking and pre-tariff market jitters led to the brief dip.
What does a high hashrate indicate?
It reflects strong network security and miner confidence, often preceding price stability or growth.
How do US tariffs affect Bitcoin?
Tariffs may increase market volatility, but Bitcoin’s decentralized nature often insulates it from localized economic shocks.
👉 Explore Bitcoin Trading Strategies
Disclaimer: This content is for informational purposes only and does not constitute financial advice.
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