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, Sunday analyst
Checked that the volume of pressure on Bitcoin sellers (BTCIt is not well known that the holder was “the source of resistance” Currently, there is no need to do so.
Analyst shared chart that showed the average age spent coin has risen throughout cycle. This indicates that the long-term investors were those who held coins for a longer period of time. selling.
The chart also showed that profits had risen from $1.7 billion to $430,000,000 per day.
Then, there is the “revived supply” The amount of money that is being spent on old coins has reached its highest level, at $2.9 billion a day.
Bitcoin OGs are taking profit
Will Clemente is a crypto investor said The following are some examples of how to use “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 onchain.
“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 The sentiment was echoed in an interview Raoul Pal, 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 said, citing his friends who purchased a yacht as well as a team.
“People trimming because they’ve had a great run and we’re just digesting that turnover.”
Novogratz confirms that the company has only seen one supply. “old OGs” The miners.
Close holds weekly support
Bitcoin’s weekly candle closing at $108,700 has been able to hold its support. according TradingView is a trading platform.
“Continued holding here could see price rally to $120k+ over time. Stability here is absolutely key,” said Analyst “Rekt Capital” On Sunday,
At the time this article was written, it had recovered $110,000 but faces greater resistance above that level.
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Source: cointelegraph.com
