According to an on-chain analyst at crypto analytics firm Glassnode, Bitcoin (BTC), while exhibiting weak price action, was bought by long-term investors.
The analyst, known by the alias TXMC, shared on Twitter that the “illiquid supply” of BTC even attracted the attention of strong long-term investors, even as Bitcoin was struggling under $ 60,000.
Bitcoin (BTC) is currently trading at $57,447, up 0.9% compared to last week.
TXMC also noted that it closely monitors the output earnings ratio (SOPR) metric, which looks at whether market participants are selling at a profit or loss. According to the analyst, after Bitcoin’s profitability of spent coins also reached a breakeven point, the price seems to have risen.
Another chain analyst Will Clementetweeted that Bitcoin has “almost a bounce” in the bull market support band. However, he also stated that he is not sure that Bitcoin is ready to go bullish yet.
“To check our uptrend though: We still need to reclaim $61,000, we still haven’t closed on the daily and we also need to see how the old markets will react tomorrow. It certainly hasn’t come out of the woods yet.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.