Bitcoin Stability Prevails Amid Market Volatility; Traders Maintain Interest, Short-Term Holders Decline
Summary:
The stable position of Bitcoin (BTC) at $26,500 for the Sep. 24 weekly close has reinforced trader accumulation. Despite U.S. market volatility, Bitcoin concluded the Wall Street trading week calmly, with Binance orders slow in showing trend shifts. Analysts are observing situation closely, with a noted decline in short-term holders (less than 155 days) dominating Bitcoin supply. Increasingly, stronger Bitcoin holders are dominating the field.
On the Sep. 24 weekly close, Bitcoin (BTC) maintained steady at $26,500 while traders maintained their heightened interest. Throughout the weekend, the stability of the BTC price remained strong, analysis from Cointelegraph Markets Pro and TradingView revealed.
Despite the turbulence in the U.S. markets earlier, Bitcoin ended the Wall Street trading week on a calm note. Currently, Credible Crypto, a renowned trader and analyst, anticipates a gradual approach to a trend change observable on the Binance order book. He informed X subscribers, “Presently, we're not prepared for a shift yet. As for now, two additional blocks of bids have been satisfied. The active interest is continuing. Potentially, we might witness gradual weekend activity and some momentum onset from Monday. Let's anticipate what the next day brings.”
On the previous day, Skew, another trader, was hopeful of a “liquidity hunt” during the weekly close, a scenario that had not transpired at the time of reporting. Co-founder of Material Indicators Keith Alan also recognized slight modifications in the order book, noting bid liquidity moving closer to the spot price.
In a disclosure about active Bitcoin market participants, CryptoCon, a popular trader and analyst highlighted a significant flushout of speculators. Short-term holders (STHs), a group of Bitcoin investors holding their coins for 155 days or less, currently control the minutest fraction of the available BTC supply in over ten years. Revealing data from the on-chain analytics firm Glassnode, CryptoCon portrayed STH holdings as a “fine powder”. This means stronger Bitcoin holders are now more than ever, further commentaries disclosed. Cointelegraph had earlier reported on the unexpressed losses presently being endured by the remaining STH investors. This news item does not provide investment guidance or recommendations. Each investment and trading action carries risk, readers should independently conduct their research prior to making a decision.
Published At
9/24/2023 9:30:09 AM
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