Key Points:
- Long-term Bitcoin holders control 70% of the supply, with 69.2% in profit.
- BTC’s price hovers around $26,800, hinting at a double-top pattern.
- Uncertainty surrounds the SEC’s approval of a Spot Bitcoin ETF.
Bitcoin’s potential for a price inversion fund is gaining traction as current price levels suggest future growth.
According to data from Glassnode, Long-Term Holders now control a whopping 70% of the total Bitcoin supply, amounting to 14,787,265 BTC, and this figure continues to reach new heights. Notably, 69.2% of these long-term holders find themselves in a profitable position, having held their BTC for an average of more than 155 days.
Recent data from TradingView reveals that BTC’s price performance has been stabilizing, with the cryptocurrency hitting a monthly high of $26,800 just two days ago.
However, the path to recovery is still in its early stages, with market observers closely eyeing the Federal Open Market Committee (FOMC) meeting scheduled for September 20. While most market participants anticipate the Federal Reserve maintaining the status quo on interest rates, potential surprises may emerge during Fed Chair Jerome Powell‘s subsequent press conference.
The FOMC meeting takes center stage this week, with Federal Reserve officials set to decide the course of interest rates. Powell faces a challenging task, as recent data on the US consumer price index (CPI) showed slight increases in headline and core inflation. Nevertheless, core inflation remains below its peak in July 2022.
In terms of technical analysis, Bitcoin displays a mild bearish tendency, hovering around the $26,800 resistance level, just above the $26,500 support. This pattern hints at a potential double-top formation.
Throughout 2023, Bitcoin’s price movements have been heavily influenced by speculation surrounding the approval of a Spot Bitcoin ETF by the US Securities and Exchange Commission (SEC). However, recent weeks have seen limited updates on this front, which may be contributing to Bitcoin’s current price stability.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
