As Bitcoin refreshes its all-time high, movement in older Bitcoins continues to increase. Although this activity sometimes causes selling pressure, Bitcoin still appears quite strong.
Once Bitcoin reached the 90K levels, we’ll examine how much was transferred each day afterward.
The Bitcoins sent on November 12 were enough to keep the market within a range for a while. The breakdown is as follows: 129,955 for 1 day to 1 week, 29,101 for 1 week to 1 month, 13,418 for 1 month to 3 months, 6,696 for 3 months to 6 months, 7,913 for 6 months to 12 months, 801 for 18 months to 2 years, 4,711 for 3 to 5 years, 2,033 for 2 to 3 years, and 825 for 12 to 18 months.
On November 13, the transferred Bitcoins were 118,470 for 1 day to 1 week, 27,022 for 1 week to 1 month, 9,367 for 1 month to 3 months, 8,758 for 6 months to 12 months, 1,872 for 12 to 18 months, 1,142 for 18 months to 2 years, 5,526 for 3 months to 6 months, 2,173 for 3 to 5 years, and 2,733 for 7 to 10 years.
On November 14, the transferred Bitcoins were as follows: 14,993 for 1 day to 1 week, 6,438 for 1 week to 1 month, 9,129 for 1 month to 3 months, 3,135 for 3 to 6 months, and 2,114 for 12 to 18 months.
Although these transfers create some selling pressure, Bitcoin appears strong. These transfers are enough for a pullback but don’t necessarily signal the end of a bull market. Since older Bitcoins aren’t being widely spent, there’s no problematic decline. For now, the expectation is that the uptrend could continue. We might see a major correction around the 95K-100K range. I can say that I’m holding onto my buys and haven’t started selling yet.
Written by XBTManager
