Long Term Holders Continue Accumulating BTC As Price Trades in a Tight Range

AWASIOR

Known
Messages
362
Reaction score
72
Points
28
1624293105502.png


BTC traded in a similar range for the fourth week running as investor fears rose. BTC rose to an encouraging $41,000 level before dropping down to $35,000 over a period of two days. The 200-day MA resisted BTC's efforts to break out beyond $41,000. Meanwhile, a factor striking fear into investors' hearts is the ''Death Cross,'' a moment when the 50-day MA crosses over the 200-day MA in a downward direction. As you can see in the image above, the 50 MA is close to crossing over the 200 MA.

However, as investors sold off their BTC at a loss, long-term investors stayed unfazed as they kept accumulating Bitcoin. The total supply of Bitcoin held by long-term holders continues to increase after hitting a low in May. Data even suggests that BTC is now oversold and is at an important juncture in its bull run.
 
Top