Источник Bitcoinist.com
Заголовок Why The Bitcoin Bounce Off $66,000 Is Not Entirely Bad News
Дата 20241005

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Why The Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Bounce Off $66,000 Is Not Entirely Bad News

Why The Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Bounce Off $66,000 Is Not Entirely Bad News

by Scott Matherson

4 mins ago

in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin

0

The Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin price action in the past two weeks has reiterated its volatile
nature despite the steady flow of institutional money. The cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
surged in the last days of September from $53,500 to a high of $66,000, only
to pull back to $61,000 in the first few days of October, showing its
unpredictable nature.

Interestingly, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s rally to reaching $66,000 has led to a change
in the investing dynamics among holder cohorts. Furthermore, this change in
dynamics reveals that its reversal and retest after the rally is not entirely
bad news for Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s price. In fact, this shift suggests that the
pullback could be setting the stage for a more resilient long-term price
outlook for Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin.

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s Rejection At $66,000

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s recent break above $66,000 last week led to the creation of
the first higher high since June. This notable Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin development was noted
by on-chain analytics platform Glassnode in a recent report. Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, which
had initially created a higher low of $53,000 in September, eventually went on
to break above the August high of $64,500. According to the report, the
creation of this higher high led to a change in the profitability of
short-term and long-term holder cohorts, with many more bitcoins moving into
the long-term threshold.

Related Reading: Shiba Inu Burns Stalls With Only One Burn Transaction In 24
Hours, Is This The End?

Source: X

Particularly, the recent rally has seen many coins acquired in close proximity
to the $73,780 all-time high now being held for over 155 days. This, in turn,
has seen many of these coins, which are in losses, now moving to long-term
holder status. Although only 6.54% of long-term holders are in losses, they
account for 47.4% of all coins in losses. While this might not bode well at
the moment for these long-term holders, Glassnode notes that this is actually
common during re-accumulation phases , as seen in the 2013, 2019 and 2021
periods. History shows that these have often led to price rallies. Source: X

On the other end, profitability has improved massively among short-term
holders. Glassnode data shows that a significant number of coins that are
still in the short-term cohort have a cost basis between $53,000 and $66,000.
Interestingly, the last rally has pushed the profitability of short-term
holder supply to over 62%. Notably, profit-taking volumes are now 14.17 times
larger than for loss-taking. As such, the financial pressure on short-term
holders has now been eased, and many of them now have incentives to keep
holding.

Related Reading: Shiba Inu Whales Back In Action As Activity Explodes 3,840%

What Next For Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin?

Despite Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s recent reversal at $66,000, the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта finds
itself in a stronger and more profitable position for investors around the
board compared to where it stood just a month ago. Furthermore, the rejection
at $66,000 has given investors, especially long-term holders, another chance
to load up on their holdings .

At the time of writing, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is trading at $61,200.

BTC bulls reclaim control | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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