Bitcoin (BTC) maintained its position at $26,500 as the weekly close approached on September 24, as traders continued to accumulate the cryptocurrency. Despite the lack of any significant market moves, BTC price stability remained strong over the weekend, unaffected by macroeconomic volatility catalysts from the United States.
Prominent trader and analyst Credible Crypto observed that the market was not yet ready for a shift in trend, noting the slow and steady build-up of bids on the Binance order book. Credible Crypto expressed optimism that movement could be seen in the market by Monday, following a potentially slow weekend.
Meanwhile, fellow trader Skew anticipated a liquidity hunt leading up to the weekly close, but as of the time of writing, it had not materialized. The absence of this liquidity hunt further contributed to the stable BTC price.
Keith Alan, co-founder of monitoring resource Material Indicators, also noticed subtle changes in the order book with bid liquidity gradually increasing towards the spot price. This shift in bid liquidity suggested potential market interest and added to the overall market stability.
Notably, there has been a significant reduction in short-term holders (STHs) of Bitcoin. STHs, referring to investors who have held their coins for 155 days or less, now account for a smaller proportion of the available BTC supply than at any point in over a decade. This decrease in STHs has resulted in a larger number of strong Bitcoin holders, as highlighted by data from on-chain analytics firm Glassnode.
Commenting on this trend, popular trader and analyst CryptoCon described STH holdings as being in “fine powder,” signifying that there are more long-term holders of Bitcoin than ever before. This shift in ownership is significant, as it suggests a more stable and confident investor base in the cryptocurrency market.
It is important to note that this article does not provide investment advice or recommendations. Investing and trading always involve risks, and readers should conduct their own research before making any decisions.
Overall, despite the lack of major market movements, Bitcoin has shown resilience and stability, with traders accumulating the cryptocurrency and a gradual shift in ownership towards more long-term holders. As the market continues to evolve, it will be interesting to see how these factors influence the future price of Bitcoin.
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