Bitcoin Price Downtrend Continues as Long-Term Holders Remain Bullish
Long-Term Bitcoin Holders Remain Bullish
CryptoQuant verified on-chain analyst Axel Adler Jr in a post on X on May 11 shared a key on-chain metric indicating that long-term holders are not currently their holdings. BTC price has struggled to recover fully due to macroeconomic concerns such as Fed rate cut jitters.
Long-Term Holder Spending Binary Indicator showed Long-Term Holders (LTH) sold 1.3 million BTC when BTC hit over $73,000. However, they are not currently selling their BTC holdings anymore.
The smart money are looking to enter BTC at the local bottom. “They currently have a lot of cash, around 1.3 million BTC,” he added.
Furthermore, he believes it is the perfect time for a deep correction to filter out all the non-serious crypto investors. Short Term-Holders (STH) had three major profit-taking events at levels 28K, 44K, and 72K, but there was only deep correction in August-September last year.
Bitcoin Price Aims to Recover?
The US government’s budget surplus in April expanded to $210 billion from $176.2 billion a year earlier, driven by higher tax receipts that outpaced increased spending.
BTC price increased nearly 1% in the last 24 hours, with the price currently trading at $61,6009 BTC tumbled from a high of $63,446 as it failed to sustain upside momentum after a recent breakout. Ethereum and other altcoins also fell 2-4%. The recent fall raised doubts about the crypto market recovery later this year.
Altcoin Market cap is still holding the $250 billion well as support, positioning itself for a future move to the upside via the black pathway, said popular analyst Rekt Capital.
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