Bitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases – Glassnode
Summary
Bitcoin's price has fluctuated, dropping 7.3% from its March peak. Glassnode reports a decrease in selling pressure from long-term Bitcoin holders, potentially signaling bullish market conditions. Analysts suggest a prolonged re-accumulation phase and project a significant breakout as late as September 2024. Recent price action led to substantial losses for traders, with $292.07 million in total liquidations. The imminent expiry of a significant volume of Bitcoin and Ethereum options adds complexity to the market's immediate future, with a notional value of $1.4 billion for BTC options and $1.3 billion for ETH options.
