Bitcoin’s recent rally has brought it very close to all-time highs, and this event has become the catalyst for a record increase in the number of long-term holders. Over the past month, their number has increased by 800,000 coins, the highest number in the history of Bitcoin.
Long-Term Holders Strengthen the Price
Long-Term Holders (LTHS) have shown impressive resilience, doubling their commitment despite Bitcoin reaching record highs. Coins that are now classified as long-term were purchased at prices between $95,000 and $107,000. This price range adds support to the price of BTC in the market.
Short-Term Holders and Their Role
Short-Term Holders (STHS) also play a role in the market dynamics. Their combined coin value is just below the $100,000 mark. The $98,000 level often serves as support during a bull market correction. The area between $98,000 and $93,000 is key to the structure of a bull market.
Risks and Caution in the Market
It is important to remember that the cryptocurrency market can be unpredictable. A breakout below $93,000 could trigger a deep correction. Investment decisions are always associated with risk, and it is important to conduct thorough analysis and consider all possible consequences before making any moves in the cryptocurrency market.
This article does not constitute investment advice.
