Bitcoin (BTC) maintained its stability at $26,500 during the weekly close on September 24, as traders continued to accumulate the cryptocurrency.
BTC Price Not Ready to Make a Move
Bitcoin's price remained steady over the weekend, unaffected by macroeconomic volatility catalysts from the United States. This lack of movement has led popular trader and analyst Credible Crypto to suggest that Bitcoin is not yet ready to make a significant shift in price. According to him, there is a slow build-up happening on the Binance order book, indicating ongoing accumulation. Credible Crypto believes that movement may occur starting Monday, and is keeping a close eye on the market.
No Liquidity Hunt Ahead of Weekly Close
Another trader, Skew, had hoped for a "liquidity hunt" just before the weekly close but this did not materialize at the time of writing. The absence of this liquidity hunt adds to the ongoing stability of Bitcoin's price.
Increases in Bid Liquidity towards Spot Price
Keith Alan, co-founder of monitoring resource Material Indicators, observed subtle changes in the order book, noting an increase in bid liquidity towards the spot price. This indicates further interest in accumulating Bitcoin at current levels.
Short-term Holders Control Less Bitcoin Supply
Popular trader and analyst CryptoCon highlighted a significant washout of Bitcoin speculators, with short-term holders (STHs) now controlling a smaller portion of the available BTC supply than at any point in over a decade. According to data from Glassnode, STH holdings have been reduced to a "fine powder." This suggests that more long-term holders are present in the market, which could potentially contribute to increased price stability.
It's important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.
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