Bitcoin Price Crash To $62,000 Was Led By This Holer Cohort, Data Shows
09 Outubro 2024 - 1:00PM
NEWSBTC
The Bitcoin price is still recovering from a major dip to $60,000
in the first three days of October. As the bulls and long-term
holders continue to capitalize on the dip, analysis of on-chain
data has revealed that the selling pressure has been eased
massively as the majority of short-term holders have exited the
market. Interestingly, these short-term holders are accountable for
the drop to $60,000, as the data shows many of them exiting the
market during the initial decline, further exacerbating the price
drop. Short-Term Holders Exit The Market According to an
analysis of Bitcoin holder cohorts using data from the CryptoQuant
platform, the supply of Bitcoin held by short-term holders has
declined substantially since the beginning of the month. Although
this contributed to a Bitcoin price decline during this timeframe,
it is not necessarily bad for the crypto moving forward. This
notable decline is visible in purple bars in the chat below, with
every period of price downturns highlighted by an increase in
short-term holder selloffs. Related Reading: Cardano Price
Prediction: Analyst Forecasts ADA Price Rocket To $5 The Bitcoin
price, which ended September around $65,000, kicked off October
with a price dip amidst broader market tensions. This, in turn, led
to a 7.5% Bitcoin price dip until it bottomed at $60,100. Notably,
the chart highlights that this most recent decline to the $60,000
level coincided with the emergence of more purple bars, revealing
that the selloff by short-term holders played a significant role in
the price decline. What Does This Mean For Bitcoin? Moving forward,
the selloff from short-term holders and the price decline has given
rise to more accumulation by long-term holders. This, in turn,
gives rise to the creation of a price floor around $60,000 in the
coming weeks and months. It also marks the shift of more bitcoins
to stronger hands who would rather hold than sell. Related Reading:
72% Of ETHUSDT Traders On Binance Go Long – Is This The Buy Signal
You Need? Notably, the exit of many short-term holders has given
rise to a better average cost for the cohort. According to on-chain
metrics revealed by a verified CryptoQuant analyst, the average
cost of one to three-month holders is now around $61,633, and the
average cost of three to six-month holders is around $64,459.
At the time of writing, Bitcoin is trading at $62,130, which
positions it right in the middle of these two key holder cohorts.
According to analyst Burak Kesmeci, a decisive close above the
$64,500 level would significantly strengthen the bullish momentum,
giving both short and long-term holders more confidence to continue
holding. On the other hand, if Bitcoin falls below $61,600, it
could trigger a wave of additional selling pressure from more
short-term holders, potentially leading to further price declines
to revisit $60,000 again. Featured image created with Dall.E, chart
from Tradingview.com
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