Mike Smith
6 days ago
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Bitcoin price continues to hold above the important support level of $84,000, where about 40,000 BTC is centred. Glassnode analysts note that additional demand zones have formed near $82,090 (50,000 BTC) and $80,920 (20,000 BTC), providing short-term protection against further declines. However, the $95,000 mark acts as a serious resistance - since the end of March, the volume of purchases at this level has increased by 12,000 BTC, which increases pressure on the price.
In case the correction deepens, the key support levels are located at $74,000 and $71,000. A total of 90,000 BTC is concentrated here, indicating the high confidence of long-term investors. They continue to stick to their accumulation strategy despite the increased market volatility.
According to Glassnode, the main losses are now being suffered by short-term holders who have held assets for less than 155 days. Many new investors have experienced sharp rate fluctuations and recorded losses, while long-term holders (those who have held assets for more than 155 days) remain in profit. Their selling activity almost completely offsets the losses of less experienced market participants, resulting in weaker capital inflows and lower overall demand.
The current market situation is similar to the late accumulation phase in 2024, when bitcoin traded in the $50,000-70,000 range. The number of coins held by short-term investors at a loss has reached its highest level since 2018. However, in terms of dollar losses, the figures remain within the range typical of a bull market.
Against the backdrop of such trends, long-term asset holders continue to add to their holdings, confirming confidence in bitcoin's further growth potential.
Translated with DeepL.com (free version)
