A few speculators have been squirming in their seats because of Bitcoin’s invalidation at $60,000. It was expected to rebound immediately after it fell to $55,600. There haven’t been any significant gains in the recent 24 hours, however. So, is Bitcoin’s inability to regain $60,000 hint of trouble?
On-chain fundamentals and the structure of the cryptocurrency market will be examined in this article. It will also examine whether or not it is necessary to worry about the movement of BTC.
😎 Long-term Bitcoin holders are unconcerned
This graph shows that long-term investors haven’t had a problem with Bitcoin’s recent volatility.
According to data from Cryptoquant, the LTH-value SOPR’s has not changed at all. Bitcoin UTXOs that have been in existence for more than 155 days have not changed addresses in the past five months.
They now have a higher amount of BTC in these addresses. Thus, a lack of selling pressure on their end is a sign that investors are not overly concerned.
🤔 Bitcoin’s Inability to Regain $60,000: Is this merely a typical correction?
From a technical structure standpoint, the correction appears to be more reasonable than catastrophic.
Since July’s bull run, Bitcoin has maintained a consistent approach in terms of testing a strong resistance area. Its initial spike of $53,000 was followed by a pullback to $42,000, before setting a new all-time high.
At the time of posting, it can be concluded that the bullish structure will not be broken. This is unless the price falls below or closes a daily candle below $53,000.
Maintaining a position above the inclined support is a solid long-term bullish indicator.