Long-Term Holders Not Selling Bitcoin After Top $73K
Bitcoin price has been in a downward trend for 2 months and could not maintain the upward momentum as the bulls weakened. Bitcoin on-chain data emerges Iong-TErm Hold people (LTH) They are not currently selling after Bitcoin peaked at an all-time high.
Long-Term Bitcoin Holders Remain Bullish
CryptoQuant confirmed that on-chain analyst Axel Adler Jr shared a key on-chain metric in a post on X on May 11, indicating that long-term holders do not currently have assets. Bitcoin price has struggled to fully recover due to macroeconomic concerns such as concerns about a Fed interest rate cut.
The Long-Term Holder Spending Binary Indicator showed that Long-Term Holders (LTH) sold 1.3 million BTC when Bitcoin rose above $73,000. However, they are currently no longer selling their BTC holdings.
Smart money aims to enter Bitcoin at the local bottom. “They have a lot of cash right now, around 1.3 million BTC,” he added.
Moreover, he believes that it is high time for a deep correction to filter out all non-serious crypto investors. Short Term Holders (STH) experienced three major profit-taking events at 28K, 44K and 72K, but a deep correction occurred only in August-September last year.
There are important events next week in May: PPI, CPI and Fed Chairman Jerome Powell’s speech. Last University of Michigan consumer sentiment data It fell from 77.2 in April to 67.4 in May, the lowest level in the last six months, missing market expectations of 76. In addition, inflation expectations for the coming year increased from 3.2% in April to 3.5%, the highest level in six months. Like this five-year inflation outlook It reached 3.1% from 3.0%.
Also Read: ripple CEO Brad Garlinghouse Responds to SEC Objection, Crypto Predictions, Next Black Swan
Is Bitcoin Price Aiming for Recovery?
The U.S. government’s budget surplus in April rose to $210 billion from $176.2 billion a year earlier, driven by higher tax revenues outpacing increased spending.
BTC price is up around 1% in the last 24 hours and currently trading at $61.6009, the price has retreated from $63,446 as Bitcoin failed to sustain the upward momentum following a recent breakout. Ethereum and other altcoins also fell 2-4%. The latest decline has raised doubts that the crypto market will recover later this year.
Popular analyst Rekt Capital said that the Altcoin Market cap still holds the $250 billion support and is positioning itself for a future upward move via the black path.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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