HODLing Resurgence? 374,000 Bitcoin Transfer Ignites Crypto Recovery
14 Agosto 2024 - 9:00AM
NEWSBTC
Despite the recent decline, Bitcoin is seeing an interesting shift
in investor behavior, with analysts like Crypto Tony betting on
possible bullish momentum in the near future. Though the market is
still highly unpredictable, a tendency for consolidation and
holding on to gains is slowly showing up. Related Reading: Helium
(HNT) Surges 48% — Here’s What’s Fueling The Rally Crypto Tony
recently commented that a break above could show the beginning of a
new uptrend, referring to $58,300 as the key resistance level. The
most recent data from Glassnode makes a move in this direction,
which indicates that though the price of Bitcoin remains highly
unstable, key players may be preparing for a new phase of
accumulation. This comes after a spell of distribution that has
been going on for several periods to wallets of all sizes.
Following the all-time high of bitcoin back in March, investors
sold their holdings for quite a while. However, it now appears that
this trend is reversing and for the larger wallets often affiliated
with exchange-traded funds. Major entities seem to once again start
hoarding Bitcoin en masse—a potentially optimistic sign for the
crypto’s future. Bitcoin Long-Term Owners Change Course The
behavior of long-term holders is also changing course. LTHs are
showing a renewed propensity to hang onto their assets after
selling during the ATH run-up. In the past three months alone, more
than 374,000 BTC have changed into LTH status. That means a large
portion of investors are choosing to hold rather than sell, and it
might just be the development to prop Bitcoin’s price in the
upcoming months. Bitcoin accumulation now sits at 1.0 of the
Accumulation Trend Score (ATS), which measures the weighted balance
globally—thanks to high buying in the past month, particularly from
long-term holders. These holders were previously in a so-called
“phase distribution”; it seems things have changed. Their newfound
interest in Bitcoin holdings could mean that confidence in the
market is rising. Spot Price Continues To Be Above Critical Level
Another positive is that the current price of bitcoin has continued
to remain above the Active Investor Cost Basis (AICB). This measure
for active coins indicates the average purchase cost. On a spot
basis, remaining above this level does appear to be a strong
indication of the market, even considering the aggressive
distribution from April to July. It seems that investors are riding
the brisk momentum that may shortly ensue and are preparing for an
upward trend. $BTC / $USD – Update Weekly above $58,300 is the main
goal for the bulls this week. Could provide a good base if we get
it pic.twitter.com/CeSUHqDmSa — Crypto Tony (@CryptoTony__) August
13, 2024 Key Long-Term Level Of Resistance To Watch From a macro
perspective, Bitcoin approaches a make-or-break level. Analysts
have called $58,300 as a key level to watch. Crypto Tony commented
that if Bitcoin were able to close above this resistance, it would
be the start of something more interesting. In other words, this
resistance level would present itself as an important obstacle to
overcome, and if it does, tremendous buying pressure would likely
ensue. Related Reading: Celestia (TIA) Gains 14% Following Network
Upgrade Announcement It’s also important to keep an eye on whale
activity across the market. After all, massive trades from these
larger investors can easily create large changes in the market. As
Bitcoin nears the $58,300 level, activities from these whales could
prove to be very important in determining the next trend. Featured
image from Pexels, chart from TradingView
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