Simply put, the current price of Bitcoin is between $62,500 and $64,000, and there are a lot of coins piled up, adding up to more than 1.27 million coins! Among them, almost half were bought recently, that is, in the hands of investors who have held positions for less than half a year. Why is this so? Because the price has not moved much recently, everyone is waiting here, and the chips are concentrated.
Imagine that if the price moves, these short-term investors may rush to buy and sell, whether it goes up or down. Therefore, this area may become a "stumbling block" for prices, making it difficult to go up when it rises and difficult to go down when it falls.
Looking further ahead, like the position of $16,000, the coins have been held for a long time, and when the price plunged to $49,000, those coins were as stable as old dogs and as immovable as mountains. This shows that long-term holdings have little impact on prices.
Although this huge pile of chips is scary, it is still better than before, after all, it has not exceeded the danger line of 1.2 million coins. At this time, the market is hesitant and doesn't know where to go.
As for the $64,000 to $69,000 area, although it has been a long time, people don't really sell it, and the amount sold every day is very small, so the impact on the price is actually not big, so don't worry too much. In general, the market is like this. The more chips are piled up, the more careful you have to be when it changes.
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