The post Bitcoin Price Drop: Could Long-Term Holders Be Setting Up for a Surge? appeared first on Coinpedia Fintech News
Is Bitcoin set for a big move? There are reasons to assume that BTC would experience a strong momentum in the near future. With the price of $59,422.70, it may not be fair to intercept that this cryptocurrency is in a comfortable position. But, some factors do give hope. One such factor is the presence of long-term holders. Here is what you should know about this!
Long-Term Holders’ Dominance in the BTC Market
Rightnow, the long-term holders in the Bitcoin market hold at least 14.82 million Bitcoins.
In the past 30 days, Long Term Holders supply increased by 262,000 $BTC.They now control 14.82 million Bitcoin, which accounts for 75% of the total supply. pic.twitter.com/MfUWjRNuar
— CryptoQuant.com (@cryptoquant_com) August 27, 2024
What it means is nothing complex: at least 75% of the total number of BTC in existence is controlled by these holders at present. As per a latest post published in X by CryptoQuant, in the last 30 days, the long-term Bitcoin holders have added at least 262,000 BTC to their BTC holdings.
The above given chart shows the total change in the amount of Bitcoin held by long-term holders over the last 30-days. The chart justifies the observation published in the past that at least 262,000 BTC has been added to the holdings of the long-term holders in the BTC market in the last 30-days alone.
Bitcoin Market General Overview
At present, the Bitcoin price stands at $59,451.24. In the last 30-days, it has marked a fall of at least 14.4%. At the beginning of this month, the BTC price was over $65,216. In the following days, it saw a sharp drop. On 5th Aug, it registered a monthly low of $53,987. On that day, the 24-hour volume of BTC recorded a monthly peak of $435.756M. On Aug 8, a strong green candlestick was formed, but the corresponding volume was just $225.652M. In the following days, the market was moving sideways, in the range between a low of 457,612 and a high of $64,230.
At present, the trend is not favourable. Yesterday, the market formed a red candlestick. Today, from the opening price of $62,734, the price is strongly falling. In the last 24-hours alone, the price has dropped 5.9%.
We can conclude this way. At present, the Bitcoin market has less emotional holders, as it is dominated by its long-term holders. So, the possibility for the occurrence of a sharp fall in the BTC price is less. As the foundation of the BTC remains strong, there is a high possibility for a strop upward momentum.
Also Check Out: Why Crypto Market is Down Today? Key Factors Driving $319 Million Liquidation
