Long-term Bitcoin investors are becoming concerned as studies suggest that a record amount of the cryptocurrency’s supply has lain inactive for several years. According to Glassnode statistics, the percentage of supply that has been stagnant for more than five years is larger than before.
BTC Buyers In 2017 Are Not Selling This Year
Bitcoin’s rebound from its two-month low of $17,600 has been spectacular, but it has not been a ringing triumph for its diamond holders. Many people who acquired bitcoin in 2017 are still holding on to their investments.
Frank Blummer, a Bitcoin analyst and developer of the liveliness metric, noted that during price surges, investors acquire more HODL, but those who bought during range-bound prices are likely to lose. The liveliness measure is now at a 19-month low.
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This shows that the urge to accumulate Bitcoin is growing.
Long-term Bitcoin Investors Becoming Concerned
Long-term investors, according to Glassnode statistics, are still dissatisfied with the price’s recent rebound. They are still determined to keep their jobs. On August 18, the percentage of those who had not sold their Bitcoin in at least five years hit a new high of 24.351%. Since early 2017, about a quarter of the 19.12 million circulating supply has gone off the market.
Despite recent major sell-offs, it is assumed that hodlers remain unmoved by the situation. Bitcoin’s HODL Waves metric made a similar finding, revealing that certain currencies that were relatively new to the market were still hanging on to their holdings for an extended period of time.
Bitcoin Price Nears Support And Resistance
At the time of writing, the price of Bitcoin was $23,390, according to TradingView statistics. Throughout the day, it had maintained support at roughly $23,000.
This week, BTC expressed fear over a more significant asset extraction. The reason for this is that both Ether and Bitcoin have been unable to break through their long-term resistance levels. As a result, several experts began to worry about the possibility of a bear market.
According to Daan Crypto Trades, Bitcoin has broken down from its upward channel, signaling the possibility of a bear market. He mentioned that support may be found between 23.8K and 24K. A breach below this level might signal the start of a bear market.
Whale buy-ins at roughly $22,800 provided near-term support, according to on-chain monitoring business Whalemap. As a result, if the market falls, investors should keep a careful eye on this level. It is now trading slightly below Bitcoin’s 200-week moving average.
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