Bitcoin (BTC) is up 2.05% in the past 24 hours, hitting $ 44,907 during intraday trading after briefly falling below $ 40,000 on September 22nd, a fate not seen since August 5th Was seen.
Glassnode acknowledged that much of the Bitcoin supply was being stored in cold stores. The provider of on-chain metrics explained:
“Bitcoin supply, which has been idle for at least 1 year, is starting to bottom out at 54.2%. Compared to the peak value of 2017, this indicates that a larger relative proportion of BTC remains in the cold store. “
Therefore, a larger number of Bitcoin supplies kept in cold stores means a holding culture. This is optimistic as investments are held for purposes other than speculation.
Holding is a preferred strategy in the Bitcoin market, with long-term owners and crypto whales leading the way.
For example, the Bitcoin offering has steadily matured to old hands as nearly 2 million BTC have moved from short-term to long-term holders since it hit an ATH price of $ 64.8,000 in mid-April.
Meanwhile, the Bitcoin Lightning Network has gained momentum as it recently hit an all-time high (ATH) of 2,738 BTC. This is a second layer built into the Bitcoin blockchain for off-chain transactions. As a result, micropayment channels are being used to scale the capacity of the blockchain to make transactions more efficient.
On-chain analyst Will Clemente acknowledged that the Lightning Network’s growth was critical in Bitcoin’s transition from primary store of value to a medium of exchange.
Is the $ 50,000 journey still open?
To to market analyst Michael van de Poppe:
“Bitcoin is looking for resistance but is showing a great daily candle. A breakout above $ 44.6K and a path to $ 50,000 is open. If we correct, I’ll look for support in the region for $ 42,000. “
Earlier this month, BTC broke the psychological price of $ 50,000 and climbed to the $ 52,000 level. Nonetheless, the leading cryptocurrency saw a significant retreat that resulted in a loss of $ 10,000 as over-indebtedness factors dominated.
Additionally, Bitcoin’s drive to retest the $ 50,000 zone was recently hampered by a significant liquidity challenge from China Evergrande, a leading Asian real estate developer. This development is one of the factors that briefly dropped Bitcoin below the psychological price of $ 40,000.
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