Bitcoin is at a fork between a recovery phase and a long-term accumulation phase.
Long-term holders are in no rush to buy #BTC despite the recent drop, a reticence that bodes ill.
#ЛюбимыйТокен [BTC] continues to cling to the $61k support level, and according to a recent report from AMBCrypto, news that BTC miners have moved to Kaspu [KAS] could spark new concerns in the market.
The analyst argues that miners selling assets to upgrade equipment or for cash after halving the price may not affect the market as much as expected.
So are BTC holders ready for a price hike? Or will the selling pressure continue?
#ETF flows have been predominantly negative over the past two weeks, and selling pressure has only eased in the past two days.
This suggests a bearish investor sentiment towards BTC, but it remains to be seen whether this sentiment has started to shift in the opposite direction or whether this is a temporary respite before a new wave of selling.
Crypto analyst Axel Adler noted on X (formerly Twitter) that the change in supply from long-term holders in recent weeks has been negligible; the lack of LTH growth indicates market pessimism.
Analysts also noted that the performance supply is at an inflection point. The optimism/pessimism threshold has been reached.
Each time the supply-to-earnings line has fallen below this point over the past four years, the market has likely moved into a long-term accumulation phase.
This may be accompanied by a drop in prices, which would weaken the market's bullish expectations for BTC, which halved in May.
In terms of #mining age groups, there was significant movement of coins by holders aged 7-10 and 3-5 in late May and mid-June, respectively.
This suggests that long-term holders are more likely to sell, a sign of lack of confidence.
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