Bitcoin maintains support level above $27,000 as long-term holders step in

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By BitcoinWiki News

Key Takeaways:

  • Bitcoin finds support above the $27,000 mark as long-term holders buy into a sell-off from short-term holders.
  • Most blue-chip cryptocurrencies see a slight uptick in the past 24 hours, even as the market rally slows.
  • Short-term holders took profits earlier in the week when bitcoin reached $28,500.
  • Long-term holders are buying into the recent sell-off, creating support at $27,100.
  • Supply held by long-term holders is 15.6 million bitcoins, while short-term holder supply is 3.8 million bitcoins.
  • Exchange reserves have fallen this week, suggesting assets are being moved to cold wallets.
  • Almost 12,400 bitcoins have been removed from exchanges since the beginning of this week.
  • Short-term holders sold mostly at a profit when bitcoin surged to $28,500.
  • The price of bitcoin is currently $27,898.

Bitcoin has found support above the $27,000 mark as long-term holders buy into a sell-off from short-term holders, according to an analyst. Most major cryptocurrencies have seen a slight increase in value over the past 24 hours, despite the slowing market rally from the beginning of the week. The analyst explains that short-term holders have been taking profits made earlier in the week when bitcoin reached a high of $28,500, while long-term holders are buying into the recent sell-off. This activity has created a support level at $27,100. The increase in long-term holder activity is significant because it indicates a deeper belief in the lasting value of bitcoin. On-chain data from CryptoQuant supports this analysis, showing a decrease in exchange reserves this week and suggesting a sentiment to move assets to cold wallets. This data reveals that almost 12,400 bitcoin have been removed from cryptocurrency exchanges since the start of the week. The analyst also notes that short-term holders took advantage of bitcoin’s upward momentum to secure profits or limit losses. As of now, the price of bitcoin is $27,898, a 1.3% increase over the past 24 hours.

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