Bitcoin (BTC) maintained its price stability at $26,500 as the week drew to a close on September 24. Traders on cryptocurrency exchanges continued to accumulate BTC, indicating a potential shift in trends.
Over the weekend, BTC price remained steady despite the volatility in the US macroeconomic landscape. The absence of major catalysts influenced the stability of Bitcoin’s price. Credible Crypto, a well-known trader and analyst, suggested that a trend shift could be on the horizon based on the Binance order book. However, he noted that the market was not yet ready to make a significant move. The accumulation of bids continued, with two more blocks of bids being filled. Credible Crypto speculated that the slow weekend could pave the way for movement starting on Monday.
Another trader, Skew, had anticipated a “liquidity hunt” leading up to the weekly close, but as of now, it has not materialized. BTC’s order book data on Binance showed subtle changes, with bid liquidity moving higher toward the spot price, as observed by Keith Alan, co-founder of monitoring resource Material Indicators. This indicated potential interest from buyers at the $26.2k level.
Meanwhile, the short-term holders (STH) of Bitcoin, who have held their coins for 155 days or less, have reduced their positions significantly. CryptoCon, a popular trader and analyst, highlighted data from on-chain analytics firm Glassnode, which revealed that STHs now control less of the available BTC supply than at any point in over a decade. This suggests that there are now more long-term, strong holders of Bitcoin than ever before. It is worth noting that STH investors have been facing losses recently, as reported by Cointelegraph.
It is important to mention that this article does not provide investment advice or recommendations. Investing in cryptocurrency carries risks, and readers are advised to conduct their own research before making any investment decisions. As the cryptocurrency market continues to evolve, it is crucial for investors to stay informed and be aware of the potential risks involved.