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Good News for Bitcoin from Glassnode! Is New ATH Near?

source-logo  en.bitcoinsistemi.com 29 May 2024 18:04, UTC

Bitcoin, which exceeded its previous ATH in March and recorded a new ATH, subsequently encountered a great selling pressure and could not continue its upward momentum in the following months.

While the selling pressure on BTC has decreased after the declines in April, the price continues to consolidate within a certain range.

At this point, while investors were wondering whether there was a danger of another decline, a positive report came from Glassnode.

According to the Glassnode report, the selling pressure on the price of long-term Bitcoin holders has decreased significantly and these investors have started to accumulate BTC again.

Stating that long-term investors sold profit after the ATH in March and created a great sales pressure on Bitcoin, Glassnode analysts said that long-term investors ended their profit sales and started accumulating BTC again for the first time since December 2023.

“Staying just shy of its all-time high, Bitcoin continues to consolidate as long-term holders begin accumulating BTC again for the first time since December 2023.

“Selling pressure from long-term investors eased significantly last week and investors are back to accumulating.”

Analysts stated that the interest and demand on the buyer side started to increase in the face of the decrease in sales pressure, referring to the inflows in spot Bitcoin ETFs in the USA.

According to analysts, increased demand from the buyer side signals significant price movements in Bitcoin.

Finally, analysts stated that Bitcoin's price movements were lighter and quieter in the last three months compared to previous bull cycles, and that BTC only increased by 3.3%, 7.4% and 25%, respectively, weekly, monthly and quarterly in the last three months. He stated that he earned more than 6 percent.

“In previous cycles, this number has been between 18% and 26% days, indicating that the current bull market may be a little more restrained than historical bull markets.”

An Unprecedented Movement May Be Experienced in Bitcoin!

Glassnode co-founder Yann Allemann said in his post from his X account that $ 72,000 is still a strong resistance for Bitcoin.

Arguing that Bitcoin will experience a strong rise if $ 72,000 is exceeded, Allemann stated that the upward wave could carry BTC to a new ATH and pointed to $ 75,000.

“BTC tested the $72,000 resistance level three times last week. While this level remains a tough hurdle, a breakout could push BTC to a new ATH of $75,000.

Currently, BTC is consolidating between $64,000 and $72,000, which gives altcoins a chance to rise.

The $72,000 to $74,000 range is marked by high supply and selling pressure. “A breakout of $72,000 could trigger short position liquidation and push BTC to unprecedented heights.”

*This is not investment advice.