Phân tích cho thấy không ít những holder dài hạn đã bắt đáy Bitcoin kỳ này

Analysis shows that many long-term holders have bottomed Bitcoin this period


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The Bitcoin market is entering the fifth and largest correction in the current bull cycle, but many long-term holders are still trying to accumulate more assets.

The bitcoin price has held steady over the past 24 hours as panic selling has subsided and the “weak hands” seem to have been eliminated.

At press time, BTC is trading at a little over $45,400, up 5% from the same time yesterday. The asset’s low during this correction was $42,000 on May 17, and this level is currently a double support.

The correction has displayed a 35% decline in 35 days, making it one of the largest corrections currently and roughly mirroring a similar correction during the 2017 bull market, as found by Cointelegraph. Glassnode online analytics provider.

Using data from Glassnode’s weekly report, analysts confirmed that new entrants to the market lost money while long-term holders continued to buy.

Weak hands panic sell

Glassnode goes on to report that the number of non-zero Bitcoin addresses has decreased during this correction, but the number of addresses being accumulated has increased by 1.1% since the recent low.

Almost in stark contrast to the panic selling of newcomers, long-term holders seem to be bottoming out and accumulating cheaper coins.

The report adds that the supply held by long-term holders has returned to accumulation mode, a pattern that again resembles the 2017 macro top. These people bought Bitcoin at the end of 2020 or January 2021 and have not yet spent it.

Those who were rattled by Elon Musk’s twitter over the weekend may have sold at a loss, while those with more experience with the crypto market have been flat out ahead of all. The parabolic price chart is unnatural and unhealthy and needs to be adjusted to remove over-leveraged positions and weak points in order to be able to resume a long-term uptrend.

There are strong signals that short-term holders are leading the way in panic selling, however long-term holders are starting to buy at falling prices and their confidence is largely unshaken.

Bitcoin Price Outlook

Most of the major panic selling seems to have ended with BTC finding strong support in the $42,000 range. Prices have returned to early February levels, but they are still up 367 percent year-on-year, so anyone buying Bitcoin in 2020 will still have a big profit.

A larger sell-off could see the price drop back to support at the 200-day MA, currently at $40,000. On the upside, Bitcoin needs to break the resistance at $46,750 if it wants to move further.


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