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- Mid-term crypto holders
- Why doesn’t resale pressure exist at such addresses?
While the crypto market correction continues with no signs of recovery or recovery, the selling pressure in the market increases day by day. But there is a specific group of crypto investors who are keeping their money until the end; This is who they are.
Mid-term crypto holders
As data from Glassnode analysis shows, the number of investors holding Bitcoin for about 1-2 years has reached an all-time high, with 2,681,297 such addresses.
📈 #Bitcoin $BTC Last Active Supply in 1 Year 2 Years (1 Day MA) just hit a 13-month high of 2,681,560,795 BTC
The previous 13-month high of 2,681,297,367 BTC was observed on January 17, 2022.
View index: https://t.co/KyZxmV0H09 pic.twitter.com/Muc5AIcdtQ
– glassnode warning (@glassnodealerts) January 19, 2022
The all-time high number of such wallets was updated several times a month. The metric indicates that the peak of buying power on Bitcoin peaks again in 2020-2021 as the cryptocurrency is actively consolidating below its 2017 ATH of $21,000.
Why doesn’t resale pressure exist at such addresses?
The main reason behind the outage of holders who bought into Bitcoin between 2020 and 2021 is most likely bound by the average entry price of such wallets. According to market and chain data, the greatest selling pressure occurs in the market after an asset’s price falls below or directly at a value that previously faced the greatest buying volume.
Traders tend to invest from assets when they fall below the entry price, or if they miss a break even opportunity in a downtrend, they can try to sell again when the asset recovers back to the entry point. .
At press time, Bitcoin is trading at $41,440 — about $1,000 above its year low. The cryptocurrency was unable to recover due to the price not being able to break through $45,000.
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