Analysts say that the price of Bitcoin is likely to be volatile as long as investors continue to reap profits.
It is not because of manipulation, suppression or paper Bitcoin that the crypto market has failed to recover. “just good old-fashioned sellers,” said James Check is the Sunday Analyst.
Checked added the sheer volume (of sell-side pressure) from existing Bitcoin.BTCIt is not well known that the holder was “the source of resistance” Currently, there is no need to do so.
An analyst showed a graph showing the age average of the spent coins increasing over the course of the cycle. It was clear that those long-term coin holders had been the most successful. selling.
A second chart shows that the realized profits have risen to $1.7 billion a day and realized losses to $430 millions a day. This is the third highest point in this cycle.
Then, there is the “revived supply” The amount of money that is being spent on old coins has reached the second highest level, at $2.9 billion a day.
Bitcoin OGs are taking profit
Will Clemente, Crypto Investor said You can also find out more about us here. “the last year of relative weakness for BTC has mostly been a transfer of supply from OGs to TradFi,” This can be seen by looking at the data on the chain.
“This dynamic will be mostly irrelevant in the coming years, just as everyone is focused on BTC’s relative weakness.”
Related: John Bollinger says to ‘pay attention soon’ as big move could be imminent
Galaxy Digital CEO Mike Novogratz Echoed sentiments in the an interview Raoul Pal was with us last week.
“There are a lot of people in the Bitcoin world who had rode this so long and finally decided, ‘I wanna buy something’,” He cited friends who had bought a boat and a part of a sporting team.
“People trimming because they’ve had a great run and we’re just digesting that turnover.”
Novogratz has confirmed that his company is the sole supplier of its products. “old OGs” And miners.
Support for weekly close-holds
Bitcoin’s weekly candle closing at $108,700 has been a strong support. according TradingView.
“Continued holding here could see price rally to $120k+ over time. Stability here is absolutely key,” said Analyst “Rekt Capital” On Sunday,
At the moment of this writing, $110,000 had been reclaimed by the asset. However, there is more resistance at a level above.
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Source: cointelegraph.com
