Bitcoin’s Price Pause At $30,000 Triggers Sale Response From Short-term Holders

2023-6-30 21:00

The crypto market is an intricate shade of varying investment strategies and market behaviors, weaving together patterns that create the volatile landscape that has come to be associated with digital currencies.

One thread within this complexity is the activity of short-term Bitcoin holders, who, despite modest profit margins, are keen to sell as Bitcoin stalls around $30,000.

The recent price lull has sparked a reevaluation among investors, specifically those who’ve managed to turn a profit in the month’s relatively stagnant market. Short-term holders (STHs), defined as entities holding onto their Bitcoin for 155 days or less, are the ones primarily driving this shift in market behavior.

Short-term Holders Eyeing Exchange Outlets

On-chain analytics firm, Glassnode, has noticed a distinct pattern through tracking wallet activity. The firm reported a significant uptick in Bitcoin being transferred to exchanges, indicating an increased interest among STHs in liquidating their assets.

The recent elation in #Bitcoin price action has enticed an increase in Short-Term Holder interaction with exchanges.

Currently, STH exchange inflows are intensifying, with a significant 1.28% (+35.4K BTC) of the STH Supply sent to exchanges. pic.twitter.com/26cfWecYh9

— glassnode (@glassnode) June 28, 2023

As the firm analyzed the data, it reported that “STH exchange inflows are intensifying, with a significant 1.28% (+35,400 BTC) of the STH Supply sent to exchanges.” This data suggests an intensifying interest among STHs to capitalize on current market conditions by selling their holdings.

Sell-off Behavior: Suppressing Losses Or Taking Profits?

The behavior of STHs, according to Glassnode, tends to oscillate between two main strategies which are either selling a mass during periods of Bitcoin price suppression to limit losses or selling to capitalize on profits during periods of relative stability.

The firm drew a clear distinction between the current exchange inflows and those seen during the bear market of 2022. As BTC hovers around the $30,000 mark, similar to the scenario in March, the resultant selling activity has been modest, indicative of profit-taking behavior rather than a panicked selloff.

Meanwhile, in the past week, Bitcoin has witnessed noteworthy activity. The world’s premier cryptocurrency has staged a comeback following recent setbacks due to legal action by the United States Securities and Exchange Commission (SEC) against the two major cryptocurrency exchanges, Binance and Coinbase.

Bitcoin’s price has soared beyond the significant $30,000 mark, indicating a more than 20% increase in its value over the past two weeks. Importantly, this surge coincides with financial behemoths like BlackRock acknowledging the potential of cryptocurrency in the future.

Over the last 24 hours, Bitcoin has seen a continuous uptrend up by 1.3% with a trading price of $30,676 and a 24-hour trading volume of $8.3 billion. So far, BTC has added more than $100 billion to its market cap as the value currently stands at $595 billion, a 22.9% surge from the market cap seen earlier this month.

Featured image from Unsplash, Chart from TradingView

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

market patterns together weaving strategies behaviors create

market patterns → Результатов: 126


Фото:

Bitcoin Price Analysis: Keep an Eye Out for a Close Above the Current High

Shortly after falling from its test of the low $4,000s, bitcoin managed to find support in the mid $3,500s. This has proven to be a relevant level over the last few months, and finding support here would be a sign of relatively strong demand:Figure 1: BTC-USD, Daily Candles, Local SupportThe high candle spread rejection following our test of the low $4,000s was an indication that we had strong levels of supply left in the market, but for the time being we are holding support.

2019-3-1 03:44


Фото:

Bitcoin Price Analysis: Bullish Rejection Wipes Out Bitcoin’s Weekend Gains

Over the weekend, a strong rally was stifled by an even stronger rejection as the bitcoin market was shoved into a band of overhanging resistance. This band of resistance has been mentioned several times in our analyses over the last few weeks as it has proven impossible to overcome for the time being:Figure 1: BTC-USD, Daily Candles, Failed BreakoutThis run to the low $4,000s coincided with a breakout of a rather large symmetrical triangle consolidation shown above.

2019-2-26 02:42


Crypto Market Adds $5 Billion In Less Than 24 Hours, What’s Driving this Bullish Charge?

At press time the cryptocurrency market is outperforming in leaps and bounds, market structure has been looking highly promising with tokens and coins multiplying with gains overnight. The current state of the cryptocurrency market is taking a recuperating pattern, one that is quite different from the patterns of last week when coins were taking a […] The post Crypto Market Adds $5 Billion In Less Than 24 Hours, What’s Driving this Bullish Charge? appeared first on ZyCrypto.

2019-2-18 14:53


Chris Burniske Shows Bitcoin’s 4 Year Cycle Ecosystem, Gives Hint At Will the Crypto Market Deliver In 2019

Some people believe that the markets are unpredictable. Others actually believe that they can predict everything about them. Both cases are generally wrong as the Bitcoin market may have some surprises, but you can look at its patterns and have good hints about its future. Now, some people are saying that 2019 will be a […]

2019-1-23 06:39


“Buy One Bitcoin, Get Two For Free” Sale According to Pantera Capital CEO

The CEO of Pantera Capital, Dan Morehead, discussed the current state of the Bitcoin (BTC) market and other patterns in the cryptocurrency industry. In a discussion with CryptoTrader Ran NeuNer, Morehead mentioned that this October seems very different from the last, where Bitcoin started to rise in value and to overcome the $19,000 barrier. Morehead […]

2018-10-28 04:02


Фото:

Cryptocurrency Markets Remain Unimpacted From Global Stock Market Sell Off

Digital assets deviated from established behavior patterns on Thursday as a global stock market selloff failed to create a significant impact on the crypto market. During Asian trade, Bitcoin, Ethereum and Ripple’s XRP remained slightly low-key but didn’t experience a catastrophic fall that they experienced during the previous stock declines.

2018-10-26 17:59


Tron [TRX] up 8.26%, Among Today’s Top Large Cap Cryptocurrency Performers – Inverse Head & Shoulders Pattern in Play?

Tron is one of today top large-cap cryptocurrency performers with only Bitcoin Private and Noah Coin above it on CoinMarketCap’s top 100 Market Capitalization. Tron is currently up 8. 26% for the day according to TradingView and looks to be building an inverse head and shoulders pattern.

2018-10-7 20:09