BTC price tracks $26.5K as supply from Bitcoin speculators hits 12-year low ScrgruppEn
Bitcoin (BTC) remained at $26,500 until the weekly close on September 24 as exchange traders continued to accumulate.
Analysis: BTC Price “Not Ready to Move”
Data from Cointelegraph Markets Pro and TradingView BTC price stability showed stability over the weekend.
Bitcoin provided a great end to the trading week on Wall Street, having also shaken off macroeconomic triggers from the US.
With few signs emerging since then, popular trader and analyst Credible Crypto looked at a slow build-up of a trend shift in Binance’s order book.
He added: “It seems that we are not ready to take a step yet.” Sum it up to X (formerly Twitter) subscribers per day.
“In the meantime, two more decks have been filled. The backlog continues. Maybe we’ll get a slow weekend and start seeing some action on Monday. Let’s see what tomorrow holds.”
The day before, fellow trader Scio was hoping to “hunt for liquidity” at the weekly close; This has not yet emerged at the time of writing.
$ Bitcoin Total CVD and delta
Download the process of searching for liquidity on Sunday… pic.twitter.com/qFD1dtDGHO
– Δ skew (@52kskew) September 23, 2023
More subtle changes in the order book were noticed by Keith Allan, co-founder of Resource Monitor, who spied on the liquidity of bids moving towards the spot price.
It seems like #Bitcoin A liquidity bid of $26.2K was converted into a market order.#FireCharts pic.twitter.com/zJCTafttNK
– Keith Allan (@KAProductions) September 24, 2023
Short-term BTC holder reduced to ‘fine powder’
Getting to know the active participants in the Bitcoin market, the famous CryptoCon trader and analyst noticed a significant disappearance of speculators.
Related: Bitcoin bulls now hold BTC’s lowest price since its all-time high of $69,000
Bitcoin short-term holders (STHs), the group of Bitcoin investors who have held their coins for 155 days or less, now control a smaller amount of available Bitcoin supply than at any time in more than a decade.
Highlighting data from on-chain analytics firm Glassnode, CryptoCon described STH holdings as “fine powder.”
“In other words, there are more powerful Bitcoin holders than ever before!” Part of comment added.
Previously, Cointelegraph reported on the implied losses currently being borne by the remaining STH investors.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
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