Chair

Bitcoin

April

Shiba Inu

Rekt

<img decoding="async" width="1280" height="854" src="https://coingape.com/wp-content/uploads/2024/02/bitcoin-cryptocurrency-trader-e1714389378299.jpg" class="attachment-full size-full wp-post-image" alt="Long-Term Holders Not Selling Bitcoin Following Peak At $73K" style="float:right; margin:0 0 10px 10px;">
Bitcoin price has been on a downtrend for 2 months and failed to hold upside momentum, with bulls turning weak. Bitcoin on-chain data reveals long-term holders (LTH) are currently not selling following a peak at Bitcoin all-time high. 
<h2 id="long-term-bitcoin-holders-remain-bullish">Long-Term Bitcoin Holders Remain Bullish</h2> 
CryptoQuant verified on-chain analyst Axel Adler Jr in a post on X on May 11 shared a key on-chain metric indicating that long-term holders are not currently their holdings. Bitcoin price has struggled to recover fully due to macroeconomic concerns such as <a href="https://coingape.com/giant-bitcoin-whales-accumulate-941m-btc-fed-official-says-rates-cuts-delay/" target="_blank" rel="noopener">Fed rate cut</a> jitters. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GNSKhE9WEAAYZjy?format=jpg&amp;name=large" alt="Image" width="761" height="428"> 
Long-Term Holder Spending Binary Indicator showed Long-Term Holders (LTH) sold 1.3 million BTC when Bitcoin hit over $73,000. However, they are not currently selling their BTC holdings anymore. 
The smart money are looking to enter Bitcoin at the local bottom. “They currently have a lot of cash, around 1.3 million BTC,” he added. 
Furthermore, he believes it is the perfect time for a deep correction to filter out all the non-serious crypto investors. Short Term-Holders (STH) had three major profit-taking events at levels 28K, 44K, and 72K, but there was only deep correction in August-September last year. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GNR0Y5lWIAA7PnZ?format=jpg&amp;name=large" alt="Image" width="795" height="447"> 
May has key events next week such as PPI, CPI and Fed Chair Jerome Powell’s speech. The recent University of Michigan consumer sentiment data&nbsp;revealed a fall from 77.2 in April to 67.4 in May, the lowest in six months and also missed market expectations of 76. Furthermore, <a href="https://coingape.com/heres-why-bitcoin-price-is-falling-sharply/" target="_blank" rel="noopener">inflation</a> expectations for the year ahead rises to 3.5%, a six-month high from 3.2% in April. Also, the&nbsp;five-year inflation outlook&nbsp;hit 3.1% from 3.0%. 
Also Read: <a title="Ripple CEO Brad Garlinghouse Answers SEC Appeal, Crypto Predictions, Next Black Swan" href="https://coingape.com/breaking-ripple-ceo-brad-garlinghouse-on-sec-lawsuit-crypto-predictions-xrp-victory/" target="_blank" rel="bookmark noopener">Ripple CEO Brad Garlinghouse Answers SEC Appeal, Crypto Predictions, Next Black Swan</a> 
<h2 id="bitcoin-price-aims-to-recover">Bitcoin Price Aims to Recover?</h2> 
The US government’s budget surplus in April expanded to $210 billion from $176.2 billion a year earlier, driven by higher tax receipts that outpaced increased spending. 
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener">BTC price</a> increased nearly 1% in the last 24 hours, with the price currently trading at $61,6009 Bitcoin tumbled from a high of $63,446 as it failed to sustain upside momentum after a recent breakout. Ethereum and other altcoins also fell 2-4%. The recent fall raised doubts about the crypto market recovery later this year. 
Altcoin Market cap is still holding the $250 billion well as support, positioning itself for a future move to the upside via the black pathway, said popular analyst Rekt Capital. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GNUHYEGXEAABEEy?format=jpg&amp;name=large" alt="Image" width="795" height="561"> 
Also Read: 
<ul> 
 <li><a title="Breaking: Terra Luna Classic (LUNC), USTC Removed From Luna Foundation Guard" href="https://coingape.com/breaking-terra-luna-classic-lunc-ustc-removed-from-luna-foundation-guard/" target="_blank" rel="bookmark noopener">Terra Luna Classic (LUNC), USTC Removed From Luna Foundation Guard</a></li> 
 <li><a title="Odds of Spot Ether ETF Approval, Will US Elections, Donald Trump’s Win Impact Approval?" href="https://coingape.com/odds-of-spot-ether-etf-approval-tied-to-us-elections-donald-trump-win/" target="_blank" rel="bookmark noopener">Odds of Spot Ether ETF Approval, Will US Elections, Donald Trump’s Win Impact Approval?</a></li> 
 <li><a href="https://coingape.com/trending/shib-burn-how-many-shiba-inu-tokens-are-burnt-till-date/" target="_blank" rel="noopener">Shib Burn: How Many Shiba Inu Tokens Are Burnt Till Date</a></li> 
</ul> 
The post <a href="https://coingape.com/long-term-holders-not-selling-bitcoin-following-peak-at-73k/">Long-Term Holders Not Selling Bitcoin Following Peak At $73K</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Long-Term Holders Not Selling Bitcoin Following Peak At $73K

Table of Contents

Coingape News Media

Other articles published on May 11, 2024

Monero’s weekly hike – Mapping if LocalMonero’s closure can stop its rally

Coinbase's Appeal Request Now Opposed by SEC

The Power of BNB: Trader Sets $800 Target Amid On-Chain Surge

Will Ripple’s Price Stabilize Soon?

CryptoBoom: Analysts Forecast $5 Trillion Market Cap - What’s Next?

Michael Van de Poppe Analyzes Crypto Markets

Join our free newsletter for daily crypto updates!