Bitcoin continues to dominate discussions, with its recent price movements drawing particular attention. As the asset struggles to reclaim its March all-time high of over $73,000, with recent attempts peaking above $71,000 earlier this week, the price has since receded to approximately $68,231 at the time of writing.
This retracement marks a 7.3% drop from its March peak, signifying a volatile period for the cryptocurrency, influenced by various underlying market factors.
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Long-Term Holders Lessen Selling, What This Spell For BTC
Glassnode, a renowned market intelligence platform, highlights a significant development in Bitcoin’s market behavior. According to a recent analysis of the platform, there has been a notable decline in the distribution pressure from Bitcoin’s long-term holders (LTHs).
Glassnode’s “Long-Term Holder Binary Spending Indicator” tracks the sell-off activity of long-standing Bitcoin holders, and its recent data points to a marked reduction in this group’s selling pressure.
Historically, when long-term holders reduce their selling, it alleviates downward pressure on the price, potentially giving rise to more bullish market conditions.
Further insights into Bitcoin’s price behavior come from prominent crypto analyst RektCapital, who noted on social media platform X that Bitcoin typically faces resistance at the range high post-Halving and suggests a prolonged re-accumulation phase.
As the crypto asset trades just below $69,000, RektCapital discloses that Bitcoin might only break out from its current re-accumulation range around 160 days post-Halving, projecting a significant breakout as late as September 2024. This analysis is crucial as it sets expectations for investors looking for signs of Bitcoin’s next big move.
Historically, Bitcoin has always rejected from the Range High on the first attempt at a breakout after the Halving
Moreover, history suggests this Re-Accumulation should last much longer
Bitcoin tends to breakout from these Re-Accumulation Ranges only up to 160 days after… https://t.co/Jw7FcQui2Q pic.twitter.com/beLdOPqZOi
— Rekt Capital (@rektcapital) May 24, 2024
Meanwhile, recent price action from Bitcoin has led to substantial losses for some traders, with Coinglass data showing about $41.68 million in liquidations for Bitcoin long traders and $14.34 million for short traders over the past 24 hours.
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