Bitcoin enters a reaccumulation phase as long-term holders increase their holdings. Detailed analysis explores the price implication.
has entered a re-accumulation phase as long-term holders have steadily increased their holdings of late. The move could affect BTC’s price as it struggles to reclaim the $60,000 price range.At the beginning of 2024, long-term holders controlled over 14 million BTC. However, this figure significantly dropped in the first quarter, declining to approximately 13.35 million BTC by March 2024.
The trend demonstrated a clear upward movement in long-term holdings, reflecting a strong belief in Bitcoin’s prospects among seasoned investors despite short-term market fluctuations. Also, The steady accumulation by long-term holders suggested a tightening of supply in the market, which could reduce volatility and create a more stable trading environment.
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