Strong hands remain steadfast on Bitcoin, the BTC price is about to break out

The data shows the veteran Bitcoin hodler barely issued any coins, despite the price hitting an all-time high of $ 69,000 this year.

According to Coin Days Destroyed (CDD) data from an on-chain analytics firm Glass knotThe percentage of coins issued by long-term owners remains near a record low.

As the latest vote of confidence among those who have invested and held Bitcoin for many years, CDD remains extremely “calm”.

This indicator shows how long BTC has been inactive with each move, as an alternative to simple volume measurements to determine market trends. As a result, older coins are “more important” than younger coins with active activity.

“The 90-day Bitcoin CDD index shows older coins in action. Appreciation means that they are being spent. Despite the increase in recent months, the current value is still at an all-time low. ”

The source: UTXO administration

According to the data, “strong hands” have held up since the number of senior coins sold skyrocketed after BTC surpassed 2017’s $ 20,000 ATH last year.

Even a race for nearly $ 70,000 couldn’t significantly disrupt this trend, and sales still appear to be from new entrants.

Buyers in Summer sold out winter

This is also confirmed by the Unchained Capital HODL wave: Coins that were bought 3 to 6 months ago are now making the biggest drop in overall supply.

This implies that sellers bought back between June and September of this year, the period during which the price fell as low as $ 30,000.

Bitcoin HODL wave chart | The source: Unleashed capital

Even market participants at $ 20,000 hold on, as BTC is expected to be around $ 20,000 higher by the end of 2021 than it was in early January.

Meanwhile, UTXO Management’s senior analyst Dylan LeClair noted last week that the owners were adding to their positions overall this month.

https://twitter.com/DylanLeClair_/status/1474056204926300162?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“Bitcoin is back in accumulation mode.”

Trader Tone Vays Predicts Bitcoin Outbreak strong

Analyst and trader Tone Vays predicts a strong breakout for Bitcoin and that the current price action is all noise.

In one Strategy meeting Recently, Vays said that Bitcoin has remained bullish since BTC recovered from the March 2020 pandemic-induced crash.

“This is just a slowdown in a bull market. This year, the first delay in May 2021 is -50% and the next -38%. I don’t know if the price has bottomed out, but it is likely. ”

Bitcoin is trading within a large ascending triangle on the monthly chart, according to Vays. This is a bullish pattern that signals the continuation of an uptrend once the asset breaks the resistance.

“I can’t wait to see the eruption. And the later, the more it explodes in the bullish direction. Bitcoin looks great. The monthly chart looks absolutely fantastic. ”

Source: Ton Vays

Based on the Vays chart, BTC needs to break the resistance at USD 60,000 to trigger a major rally above USD 100,000.

In the short term, Vays says Bitcoin will have to break decisively above the critical $ 51,750 level to convince him that the price has bottomed out.

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