As traders kept on accumulating, Bitcoin (BTC) stayed at $26,500 heading into the Sept. 24 weekly close.
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Analysis: BTC price “not ready to make a move”
Data from Cointelegraph Markets Pro and TradingView indicated that BTC price stability held strong over the weekend.
Bitcoin had a calm end to the Wall Street trading week, despite the macroeconomic volatility catalysts from the United States.
Since then, popular trader and analyst Credible Crypto observed a gradual buildup to a trend shift on the Binance order book.
“Looks like we are not ready to make a move yet,” he commented to his X (formerly Twitter) followers.
The day before, fellow trader Skew had expected a “liquidity hunt” into the weekly close; however, this has yet to materialize at the time of writing.
Keith Alan, co-founder of monitoring resource Material Indicators, noticed further subtle order book changes, with bid liquidity moving higher toward the spot price of web 3.0.
BTC short-term holder reduced to “fine powder”
CryptoCon, a popular trader and analyst, observed a major washout of speculators in the dynamic Bitcoin market.
Short-term holders (STHs), those who have held their Bitcoin for 155 days or less, now control a smaller portion of the available BTC supply than in the last 10 years.
Glassnode, an on-chain analytics firm, reported that STH holdings have been reduced to a “fine powder”. The commentary added that “there are more strong Bitcoin holders than ever before!”
Cointelegraph previously reported on the losses that STH investors are suffering.
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