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Investors are hodling into all-time highs this time, not selling, as was the case toward the end of Q1.
Bitcoin (BTC) faced stiff resistance near previous highs on Oct. 8 as a fresh push over $56,000 quickly ended.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Buying the dip? $53,000 is âlogicalâ
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it came off four-month highs of $56,150.
The area near $58,000, which had proved a sticking point for bulls earlier in the year, returned to haunt them on the day, something which did not come as a shock to analysts.
âNot surprising to see this $56â$58K area providing some resistance as there is a good amount of overhead supply there from earlier this year,â William Clemente commented.
â~$53K would be a logical area to buy a dip.â
BTC/USD 1-day annotated candle chart (Coinbase). Source: William Clemente/Twitter
That level represents both the $1-trillion market capitalization boundary for Bitcoin and the site of what was once a major resistance zone acting as support since Wednesday.
âHodled or lostâ BTC hits nine-month high
Bitcoin is nearing $60,000 â but this time, investors are adding to their positions, not selling.
Related:Â CME Bitcoin derivative traders had âpaper handsâ as BTC broke $55K â Report
Data from on-chain analytics firm Glassnode shows that the proportion of the BTC supply that is either hodled or lost for good is at its highest in nine months.
The latest example of how Bitcoin in Q4 this year is different from the first phase of its bull run â âHodled or Lost Coinsâ now total 7,203,450.731 BTC.
Hodled and Lost Coins chart. Source: Glassnode/Twitter
Nine months ago in January, the supply becoming available was rapidly increasing, as price discovery caused ever-larger numbers of longtime investors to realize profits.
Now, the opposite phenomenon is in effect â since August, BTC has been going back into the hands of hodlers.
The metricâs previous peak was Q4 2020 just before the main phase of the bull run took off after BTC/USD passed previous all-time highs of $20,000.
The figures tie in with existing coverage of long-term hodler behavior, which Cointelegraph previously reported had reached highs of its own.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.