Bitcoin Long-Term Holders Remain Loyal, Refuse to Dump Despite Bearish Winter

Updated:

On-chain reports show that Bitcoin (BTC) investors continue accumulating more coins despite the persistent downtrend.

The benchmark cryptocurrency currently trades over 50% lower from its all-time high of $69,000. Many analysts argue that the recent increased BTC accumulation could be an early pointer to an imminent bull run.

The latest report from on-chain analytics provider Glassnode suggests that the number of wallets accumulating BTC has jumped over 600,000 for the first time in Bitcoin history. This lifetime record shows that investors are heavily taking advantage of the massive price gap in BTC to strengthen their token base.

The report also suggests that the number of long-term BTC holders is on a steady rise, which should lay the foundation for a massive surge in the coming weeks.

Bitcoin has a stronger long-term investor base compared to most other cryptocurrencies, as BTC holders continue to exhibit solid confidence in the cryptocurrency irrespective of the prevailing market sentiment.

Day from TheBlockCrypto shows that at least 61% of BTC investors have held their tokens for over a year, while another 33% have held their BTC tokens between one and twelve months. Finally, only 6% of BTC holders have been holding their coins for less than a month.

Key Bitcoin Levels to Watch — June 9

Bitcoin had another quiet trading session on Thursday as the price holds firmly above the $30,000 support line. This prolonged lack of upward momentum could trigger exhaustion for BTC, pushing it to the $28,700 pivot base in the coming days.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

Except we see a sustained bullish push above the $32,000 barrier, the possibility for a breach below the pivot base continues to strengthen the more BTC price does nothing. We should see some momentum in the market tomorrow with the release of the US CPI data for May.

Meanwhile, my resistance levels are at $30,400, $30,300, and $31,000, and my key support levels are at $29,500, $29,000, and $28,000.

Total Market Capitalization: $1.24 trillion

Bitcoin Market Capitalization: $575.3 billion

Bitcoin Dominance: 46.4%

Market Rank: #1

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.