Bitcoin HODLing Yawns For Growth With Lesser Supply
If you’re following Bitcoin, you may be interested to learn about the recent data revealing a surge in investors holding on to their BTCs during a rally, despite a larger portion of Bitcoin’s total supply being “inactive” for over a year. This means that a significant part of BTC’s total supply has been inactive for over a year and has recently reached an all-time high (ATH) of 69%.
This inactive supply is part of a group known as long-term holders (LTHs), one of two major groups of Bitcoin investors, the other being short-term holders (STHs). Long-term holders are those who have held coins for over five to six months, and they are less likely to sell their coins compared to short-term holders.
The key takeaway from this data is that Bitcoin’s HODLing pattern is showing promising growth due to a lesser supply, suggesting stability and potential for the crypto asset over time.
Double Top Pattern Resurfaces Driving The Crypto To A Downward Trend
Recently, BTC formed a double top pattern near the $38,000 level, leading to a drop in price. The price fell below the 100 hourly Simple Moving Average and the $36,500 mark. However, the bulls emerged at the $36,500 mark, providing the token with the momentum to remain between $36,000 and $36,500.
Despite this recent surge in Bitcoin HODLing, there are no confirmations that it has directly impacted the price growth of BTC. As of now, the price of BTC is $36,422, indicating a 2.94% decline over the past 24 hours, while the 24-hour trading volume has also experienced an 8% drop, valued at $26,113,638,790, according to CoinMarketCap.
Hot Take
The recent surge in Bitcoin HODLing provides a promising outlook for the stability and potential long-term growth of the crypto asset. This HODLing pattern, combined with a lesser supply of inactive coins, suggests a strong and loyal segment of the market, with the potential to positively impact BTC’s future performance.
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