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Bitcoin's Long-Term Holders Crack

Bitcoin's Long-Term Holders Crack

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 Bitcoins long-term holders, once a bastion of market stability, are now under pressure. The price dip to $62,800 on February 6th has led to a shift in confidence, with the 7-day EMA of the Long-Term Holder Spent Output Profit Ratio falling below one. This marks a rare occurrence, typically seen in deep bear markets. Glassnode suggests $54,000 as a key support level. Meanwhile, traders are shifting to select altcoins as Bitcoin stalls. The U.S. jobs data and inflation ease have cooled hopes for rate cuts, pushing risk assets down. However, not all are bearish. Sean McNulty from FalconX argues $60,000 could hold as the near-term floor, thanks to healthy buying flows and a wall of buyers. He sees the drop as an orderly deleveraging, unlikely to deepen further. Checkout https://solipillow.com/discount/dnn. Advertise on DNN: advertise@thednn.ai
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