The famous analyst said that strong hands rallied Bitcoin in the face of price weakness. Bitcoin (BTC) is falling into the hands of its long-term holders amid weak price action, according to an on-chain analyst at crypto analytics firm Glassnode. Detail cryptocoin.com‘in.
Crypto whales collect BTC
The analyst, nicknamed TXMC, tells his 29,200 Twitter followers that the illiquid supply of BTC (Bitcoin held by “strong HODLers”) is increasing even as the largest crypto asset by market cap struggles below $60,000. “When the strong hands come together during the sell-off, there is a bullish divergence,” says the analyst.
At the time of writing, Bitcoin is trading at $57,447.06, up about 0.9% from a week ago. TXMC also closely monitors the output profits ratio (SOPR) metric, which looks at whether market participants are selling at a profit or loss. The analyst states that Bitcoin’s profitability of crypto money spent also jumped up after reaching a breakeven point. According to the analyst, “A bounce could signal a continuation to the upside based on the past. A similar jump was seen in the 2017 bull run.”
Another analyst, Will Clemente, tweeted that Bitcoin is experiencing an “almost textbook leap” in the bull market support band. However, he is not sure that BTC is ready to go bullish yet. The analyst says:
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.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.