The biggest cryptocurrency Bitcoin (BTC) $94,806.6It draws attention with its fall of 13 percent below its record price of 108 thousand dollars. This was last seen in 2016 Donald TrumpIt points to a similar picture with a major correction after ‘s victory in the US elections. Market experts are behind the decline long term investorsHe states that there is selling pressure on (LTH).
Selling Pressure from Long-Term Investors
glassnodeAccording to data from , investors who hold their Bitcoins, defined as LTH, for at least 155 days, are selling by taking advantage of the price increase in the market.
Approximately 14.2 million units in mid-September BTCThe assets of LTHs, which reached , dropped to 13.2 million BTC in a short time. Last Thursday alone, LTHs sold 70,000 BTC, marking the fourth largest sales day this year.
short term investors (STH) was included in the market in return for the sales of LTHs. STHs, which purchased 1.3 million BTC in the last week, partially balanced this sales wave. However, this demand was insufficient and the price of Bitcoin fell below the threshold of 95 thousand dollars.
The Search for Balance in the Market is at a Confusing Point
Bitcoin marketThe total circulating supply is at 19.8 million BTC. Currently, 2.8 million of these are held on cryptocurrency exchanges, but this balance is also changing.
According to data, in the last few months cryptocurrency exchangesThere was an outflow of 200 thousand BTC. Experts state that the future behavior of both LTH and STH will play a critical role in determining the direction of Bitcoin’s price.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
