Bitcoin’s “Sideways Summer” and Poor HODLers 📉
Bitcoin investors from the post-ETF launch era are proving to be poor holders of the asset, with the ongoing “sideways summer” driving them out of the market. Here’s what’s been happening:
- Investors from early this year are selling off Bitcoin
- Recent selloff from holders of 3 to 6 months old Bitcoin
- Effects of hype around Bitcoin ETFs
- Long-term holders staying strong amidst volatility
Bitcoin’s “Sideways Summer” Pressure 📉
As Bitcoin’s price fell back to $58,000, data showed a significant selloff predominantly from investors who entered the market earlier this year. The recent activity led to selling pressure and highlighted the impact of the “sideways summer” on Bitcoin investors.
- Approximately $2.4 billion worth of Bitcoin aged between three and six months moved during the drop
- Coins changing wallets in recent months are more likely to move amid price volatility
- New investors entering the market at the beginning of the year are selling off their holdings
- Entities holding Bitcoin for over a year have shown resilience amidst the market downturn
Concerns and Predictions for Bitcoin Holders 📉
With the short-term holder realized price above the market price, new buyers of Bitcoin might start panic selling soon. Here’s what to keep in mind:
- Bitcoin’s short-term holder realized price sitting at $64,614
- Downturn predictions and support levels for Bitcoin
- Potential resistance point at $47,000
- Historical data on past organic corrections in the bull market
Hot Take 🚀
If you’re a new investor in Bitcoin, it’s essential to keep a close eye on market trends and historical data to make informed decisions regarding your investments. Volatility in the market may lead to panic selling, so always stay informed before making any moves.
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