Bitcoin’s long-term holders set record high – What it means for BTC
The post Bitcoin’s long-term holders set record high – What it means for BTC appeared on BitcoinEthereumNews.com.
contributor Posted: September 24, 2024 Bitcoin long-term holders have been buying aggressively. MicroStrategy’s convertible debt will enable more purchase of Bitcoin. Bitcoin [BTC] continued to demonstrate strength as the crypto market rebounded after a six-month downturn. Long-term holders’ actions are crucial for BTC traders, offering insights into trade timing. Over the last two months, long-term holders have accumulated more BTC, marking the highest accumulation period in the last three years. Additionally, these investors, along with new entrants, have collectively purchased over 1 million BTC since from the year 2022. This aggressive buying behavior signals strong confidence in Bitcoin’s future. Some of the earliest Bitcoin mining addresses have recently become active, further increasing the long-term supply of BTC. Source: Glassnode MicroStrategy (MSTR) leads top 10 performing stocks in the S&P 500, continues to support Bitcoin with gains of over 1000% since adopting its BTC strategy. Recently, MSTR issued $1 billion in convertible debt at a low 0.625% interest rate to redeem $500 million of senior secured notes with a 6.125% rate to fund the purchase of Bitcoins. This move reduced its blended interest rate to 0.81% from 1.6%, lowering annual interest expenses. Source: X Remarkably, this debt offering also strengthens MicroStrategy’s balance sheet, allowing it to potentially acquire more Bitcoin in the future, even if BTC prices fall. The ongoing acquisitions by major institutions like MSTR position Bitcoin for future growth. Bitcoin 3-day MACD crossed bullish Moreover, BTC’s 3-day MACD has crossed into bullish territory, signaling continued strength as BTC trades above $63K. With expectations of breaking the $65,000 level soon, Bitcoin is showing resilience and a growing trend of reclaiming the 100-day moving average. This upward momentum suggested that being bearish on BTC at this time may be risky, especially as Bitcoin appears poised to reach new highs. Source: Seth/X…
Filed under: News - @ September 23, 2024 7:23 pm