Analysts say that the price of Bitcoin is likely to be volatile as long as investors continue to reap profits.
This failure to recover is not the result of paper Bitcoin or suppression. “just good old-fashioned sellers,” said James Check is the Sunday Analyst.
Check added the sheer volume (of sell-side pressure) from existing Bitcoin.BTCIt is not well known that the holder was “the source of resistance” At the moment,
Analyst shared chart that showed the average age spent coin has risen throughout cycle. This indicates that long-term investors were those who held coins. selling.
The chart also showed that profits had climbed up to $1.7 Billion per day, while losses have reached $430 Million per day.
Meanwhile, “revived supply” From older coins, the amount spent per day has reached its highest point at $2.9 Billion.
Bitcoin OGs are taking profit
Will Clemente is a 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,” Onchain data can show you this.
“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 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 confirms that the company has only seen one supply. “old OGs” And miners.
Support for weekly close-holds
Bitcoin is holding on to its weekly close candle of $108,700. 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” Sunday is a holiday.
The asset had already recovered more than $110,000 when this was published, but there is still resistance to be found just above the level.
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Source: cointelegraph.com
