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The Week On-chain 43, 2023 - A Breath of Fresh Air: Bitcoin Breaks to $35K

Bitcoin prices have broken to new yearly highs, trading above the mid-cycle price level of $30k, and reaching $35k. The market found sufficient strength to break above several important psychological pricing levels, making the weeks that follow important to keep an eye on.

Executive Summary
- Bitcoin bulls have managed to push BTC prices back to $35k, breaking several key technical and on-chain pricing levels which were co-located around $28k, a noteworthy sign of strength.
- Derivatives markets contributed to the move with a pair of short-squeezes, closing out of 60k BTC worth of futures positions, and a $4.3B surge in options call open interest.
- Long-term investors are unphased by this weeks price action, with Long-Term Holder supply reaching new ATHs, and revived supply volumes remaining insignificant.

Read our full analysis in The Week On-chain Newsletter, or watch our latest video report.
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