Bitcoin has been holding strong above $60,000 for the past two weeks, and everyone’s feeling optimistic. Traders and investors are excited, and data is backing up their hopes.
Short-Term Holders Are Selling, But It’s a Good Thing
According to CryptoQuant, short-term holders (STHs) are cashing in on their profits and selling their Bitcoin. This might sound bad, but it’s actually a positive sign. Why? Because the total amount of Bitcoin held by STHs is shrinking. This means fewer people are actively trading Bitcoin, which can help stabilize the price.
More People Are Holding On Tight
This decrease in STH supply shows that more people are holding onto their Bitcoin for the long haul. This is a sign of growing confidence in Bitcoin’s future.
One analyst, Axel Adler, pointed out that the number of Bitcoin held by STHs is now significantly lower than it was just a few months ago. This suggests that Bitcoin is becoming more of a long-term investment, which could lead to a price increase.
Key Levels to Watch
Bitcoin is currently trading around $63,600. A key level to watch is the daily 200 moving average (MA) at $63,700. If Bitcoin can hold above this level, it could signal a renewed push towards higher prices.
However, if Bitcoin falls below this level, it could lead to a correction and a drop back down to $60,500.
The next few days will be crucial for Bitcoin’s price action. Will it break through resistance and continue its climb, or will it fall back down? Only time will tell.
