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BTC price tracks $26.5K as Bitcoin speculator supply hits 12-year low – Cointelegraph

Bitcoin (BTC) remained stuck at $26,500 until the week’s close on September 24th as foreign exchange traders continued to accumulate.

BTC/USD 1 hour chart. Source: TradingView

Analysis: BTC price is “not ready to move”

Cointelegraph Markets Pro and TradingView It showed that BTC price stability remained solid throughout the weekend.

Bitcoin ended the trading week on Wall Street calmly, shaking off macroeconomic fluctuations from the US.

Since then, few clues have emerged, leading popular trader and analyst Credible Crypto to note the slow buildup of trend changes in Binance’s order book.

“We don’t seem ready to take action yet,” he said summarized Become an X (formerly Twitter) registrant on the day.

“Meanwhile, two more bidding blocks have just been filled. The build-up continues. Maybe a slow weekend and maybe some movement on Monday. We’ll see how tomorrow goes. Let’s do it.”

Annotated chart of Binance’s BTC/USD orderbook data. Source: Credible Crypto/X

A day earlier, fellow trader Skew had expected a “liquidity hunt” towards the week’s close. This has not yet appeared as of this writing.

Keith Allan, co-founder of monitoring resource Material Indicators, noted more subtle changes in the order book and watched bid liquidity move up towards the spot price.

Short-term BTC holders become “fine powder”

Popular trader and analyst Cryptocon highlighted active Bitcoin market participants and pointed to a large exodus of speculators.

Related: Bitcoin Speculators Currently Hold Fewest BTC Since All-Time High of $69,000

Short-term holders (STH), a group of Bitcoin investors who have held their coins for 155 days or less, currently have less control over the available BTC supply than at any point in over a decade.

Highlighting data from on-chain analytics firm Glassnode, CryptoCon described STH holdings as “fine powder.”

“In other words, there are more and more powerful Bitcoin holders than ever before.” Added part of the comment.

Cointelegraph previously reported: The implied loss that the remaining STH investors are currently enduring.

Annotated chart of BTC short term holder supply. Source: CryptoCon/X

This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.