Reassuring Statements from Analysts! “These Critical Data Give a Bullish Signal for Bitcoin!”
The post Reassuring Statements from Analysts! “These Critical Data Give a Bullish Signal for Bitcoin!” appeared on BitcoinEthereumNews.com.
Bitcoin has been fluctuating in recent days, but experienced a sharp decline at the beginning of the week. While BTC later recovered, analysts shared the indicator that is a bullish signal for Bitcoin. Analysts stated that wallets that have been holding BTC for at least 155 days are still continuing to sell, and said that this is a bullish signal for Bitcoin. 10X Research founder Markus Thielen said that the continued selling by long-term investors is an indication that Bitcoin and the market are in an uptrend. Speaking to Coindesk, Markus Thielen noted that sharp declines in BTC held by long-term investors often coincide with strong Bitcoin rallies, saying: “According to our analysis, sharp declines in long-term holder supply (purple line) coincided with strong Bitcoin rallies (white line) as seen in Q1 and Q4 2024. Bitcoin remains at risk of a short squeeze to the upside as long as long-term investors continue to reduce their balances.” The Number of Bitcoins on Exchanges Is Decreasing! Apart from the 10X Research founder, Glassnode analysts also analyzed the change in Bitcoin dynamics. At this point, Glassnode analysts stated that the total BTC supply held by long-term Bitcoin investors has decreased to approximately 13 million BTC, and said that these BTCs were purchased by short-term investors. “During the recent rally above $100k, 1.1m BTC moved from long-term holders to short-term holders, indicating an impressive influx of demand to absorb this supply at prices above $90k.” Analysts stated that the pace of sales by long-term investors has slowed down and also pointed out that the number of BTC held in wallets connected to central exchanges has decreased significantly. “The outflow of BTC from exchanges results in reduced coin availability for flash sales and is widely seen as a bullish indicator. While many interpret the Bitcoin…
Filed under: News - @ January 30, 2025 6:24 pm