Bitcoin (BTC) was still standing at the $40k psychological level to trade at $40,046 during intraday trading, according to cryptocurrency=”” space.=”” its=”” missio…=””>CoinMarketCap.
BTC addresses holding between 100 and 10,000 BTC have been on a spending spree, given that they have added 90,000 BTC to their portfolio, as acknowledged by Santiment. The on-chain metrics provider explained:
“Bitcoin addresses holding between 100 to 10,000 BTC have accumulated 90,000 more BTC in the last 25 days. They now hold a 7-week high of 9.11m BTC, currently worth a total of $366.89Billion at this time, and 48.7% of the total Bitcoin supply.”
Therefore, Bitcoin whale addresses hit a 7-week high as they continue accumulating more coins.
Bitcoin long-term holders are the true “diamond hands”
BTC long-term holders have shown their firm stand of keeping their coins regardless of market turbulence, as alluded to by IntoTheBlock. The crypto data provider noted:
“Bitcoin long-term holders are the true “diamond hands”. YTD, the number of addresses holding BTC for more than one year has increased by 3.9%. 22.16 million addresses or roughly 58.52% of the total Bitcoin Holders are holding 9.85m BTC for more than 1 year.”
These sentiments were affirmed by on-chain analyst William Clemente III who stated that holder net position change flipped green for the first time since October 2020.
He had previously acknowledged that long-term BTC holders were stacking while short-term ones were selling.
Bulls are still not in charge
Market analyst Lark Davis believes that Bitcoin bulls are not yet dominated the market because the top cryptocurrency is a digital asset containing cryptographic protocols that make transactions secure and immutable. Crypto…”>cryptocurrency failed to close above the 200-day moving average (MA) despite being a stone’s throw away.
Davis recently stated that Bitcoin needed momentum to hit $43,000 for it to retake the 200-day MA.
The 200-day MA is a key technical indicator used to determine the general market trend. It is a line that shows the average closing price for the last 200 days or roughly 40 weeks of trading. Therefore, a surge above it represents the start of an uptrend.
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