Bitcoin (BTC) has maintained a stable price, remaining stuck at $26,500 heading into the weekly close on September 24. This stability comes as exchange trader accumulation continues, indicating a slow build-up to a potential trend shift.
Bitcoin has shown resilience by shrugging off macroeconomic volatility catalysts from the United States. With few market cues appearing, traders and analysts are anticipating a liquidity hunt and potential movement in the market on Monday.
Credible Crypto, a popular trader and analyst, noted that BTC is not ready to make a significant move yet. However, he highlighted the continued accumulation of bids on the Binance order book, suggesting a bullish sentiment. Fellow trader Skew also expressed hope for a liquidity hunt leading up to the weekly close, although it has yet to materialize.
There have been subtle changes in the order book, with bid liquidity moving higher towards the spot price, as observed by Keith Alan, co-founder of monitoring resource Material Indicators. This indicates increased buying interest at current price levels.
In terms of market participants, CryptoCon, a well-known trader and analyst, pointed out a significant washout of speculators in the Bitcoin market. Short-term holders (STHs), who have held their Bitcoin for 155 days or less, now control a smaller portion of the available BTC supply than at any point in over a decade. This suggests that strong Bitcoin holders are increasing in numbers.
Glassnode data, highlighted by CryptoCon, shows that STH holdings have reached a low point, referring to them as “fine powder.” This implies that there are more long-term holders of Bitcoin than ever before, which is generally considered a positive sign for the market.
It is important to note that this article does not provide investment advice or recommendations. Investing and trading in cryptocurrency involves risk, and individuals should conduct their own research before making any financial decisions.
