2024

Movement

Bitcoin

Coin

<ul class="wp-block-list news-points">
 <li>Willy Woo states that Bitcoin sell-offs are now being absorbed by the market.</li>
 <li>He predicts another month of sideways for the cryptocurrency.</li>
 <li>Bitcoin is currently trading around $57,000, down by 10% in the past seven days.</li>
</ul>
Crypto analyst Willy Woo believes the Bitcoin market is gradually absorbing the large influx of BTC from recent sell-offs, including those by the German government and <a href="https://coinedition.com/bitcoin-hodlers-strong-mt-gox-selloff-fails-to-dent-market/" rel="noopener noreferrer nofollow">Mt. Gox</a>.
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 The influx of BTC (Germany, MtGox, DoJ) is slowly being absorbed. Paper BTC bets are declining, a good sign. Overall, in terms of supply, things have moved from bearish towards neutral. <a href="https://t.co/Ej2X9bJq5w" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Ej2X9bJq5w</a>— Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1830432242478539195?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 2, 2024</a>
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This sell-off, which occurred between June 19 and July 5, 2024, saw the German <a href="https://coinedition.com/german-bitcoin-liquidation-and-macroeconomic-woes-can-bitcoin-bounce-back-quickly/" rel="noopener noreferrer nofollow">government liquidate</a> 7,583 Bitcoin, worth $435 million at the time. Combined with transactions from Mt. Gox wallets, this contributed to a sharp drop in Bitcoin’s price, pushing it below $56,000 in early July.
Recent data from Glassnode shows that long-term holders (LTHs), those who have held Bitcoin for more than 155 days, now control over 14 million BTC, or 71% of the circulating supply. This significant accumulation by LTHs suggests …
The post <a href="https://coinedition.com/analyst-predicts-sideways-movement-for-bitcoin-in-september/" rel="noopener noreferrer nofollow">Analyst Predicts Sideways Movement for Bitcoin in September</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Analyst Predicts Sideways Movement for Bitcoin in September

Coin Edition

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