Bitcoin’s Long-Term Holders Drive Profits – Capital Street FX
28 Sep 2023
Long-term Bitcoin owners increase holdings as buyers who accumulated during the bear market remain in profiting.
- Reflexivity According to research, the proportion of the Bitcoin supply held by long-term investors has reached its best level since late 2015.
- Traders who purchased Bitcoin in Q2 2022 and Q1 2023 are still profiting from their purchases at the moment.
- Micro Strategy Saylor tracker demonstrates the viability of a long-term investment, supporting the premise.
The lack of a catalyst to generate market momentum has been blamed for the decrease in volatility seen in the price of bitcoin (BTC) during the past few weeks. Market observers are still keeping a close check on the US Securities and Exchange Commission (SEC) in the hopes that their long-running applications for Bitcoin Spot Exchange-Traded Funds (ETFs) will be approved.
Long-term Bitcoin (BTC) investors are continuing to expand their holdings, according to data from Reflexivity Research, a preeminent digital asset analyst. The researcher reveals that the fraction of the Bitcoin supply held by long-term holders is pushing to its highest level since late 2015. This is based on data from the Glass node.
With a purple band that displays the price levels of MicroStrategy’s Bitcoin acquisitions based on their 8-K filings, total acquired BTC, average USD price, and current gain, the MicroStrategy Saylor BTCUSD index confirms this outlook.
BITCOIN TECHNICAL ANALYSIS DAILY CHART:
Bitcoin is currently trading within a down channel.
Bitcoin is positioned above the 5&20 Moving Averages (SMA).
The Relative Strength Index (RSI) is in the bullish zone, while the Stochastic oscillator suggests a positive trend.
Immediate Resistance level: 26547.31
Immediate support level: 25988.06
HOW TO TRADE BITCOIN
After falling in price, Bitcoin started trading in a range. Currently, the price of bitcoin is attempting to rise and fluctuate in a resistance zone; if this zone is broken upward, then we may anticipate an upward movement.
TRADE SUGGESTION- STOP BUY – 27244, TAKE PROFIT AT- 28682, SL AT- 26276.