- The net position change for long-term holders has turned positive.
- BTC has turned its previous immediate resistance into support.
Bitcoin [BTC] has successfully crossed the $60,000 mark, supported by rising investor confidence and a largely bullish sentiment in the market.
In addition to new buyers, long-term holders are also re-entering the market, signaling a return to form for the king coin.
Buy Bitcoin!
Dates of Santiment indicates that Bitcoin traders are regaining confidence as reflected in social volume metrics, especially in buying activity.
Social purchasing volume in particular saw a significant spike, illustrating increased buyer interest and activity.
On July 15, the buying sentiment score reached approximately 117, surpassing the social selling volume, which stood at approximately 92 during the same period.
This disparity between buying and selling volumes suggests that market sentiment is currently skewed towards buying, with more participants choosing to acquire BTC rather than sell.
This trend indicates that the current Fear of Missing Out (FOMO) is sweeping through the market as traders and investors rush to capitalize on the perceived upward trajectory of Bitcoin’s value.
Such dynamics often contribute to maintaining and possibly accelerating price increases as demand exceeds supply.
Bitcoin welcomes back long-term holders
Recent data from Glass junction on the net position change metric of Bitcoin’s long-term holders provides insightful evidence of the cryptocurrency’s current bullish trend.
Previously, this measure was negative, indicating that long-term holders were unwinding their positions; essentially, they sold more than they bought.
This net selling trend continued for most of the month, contributing to bearish sentiment among established investors.
Source: Glassnode
However, there has been a notable shift in this dynamic recently. The trend has reversed and the statistic now shows a positive value.
According to the latest analysis, the net position change is almost 13,000. This positive shift indicates that long-term holders are once again accumulating Bitcoin.
The trend signals their renewed confidence in the potential for further appreciation. This accumulation phase for seasoned investors is usually a strong bullish signal.
BTC breaks $60,000
According to AMBCrypto’s analysis of the daily time chart for Bitcoin, it experienced a significant uptrend on July 15. BTC rose almost 7% to trade around $64,757. This was also the first copy within a month that this price level was reached.
Moreover, it was the first time in almost a month that Bitcoin surpassed its short-term moving average (yellow line), which previously served as a resistance level in this price range.
Source: TradingView
At the time of writing, BTC was trading around $63,400, reflecting a decline of more than 2% from its recent high.
Read Bitcoin (BTC) price prediction 2024-25
Despite this slight downturn, interest rates have remained above the short-term moving average, indicating that the yellow line could now act as a support level.
This shift from resistance to support could indicate a potential stabilization or further gains if Bitcoin maintains its position above this critical threshold.