Bitcoin price is ‘depressed’, but hodlers and miners are undeterred
Bitcoin investors are known for their ability to hodle despite the sharp price drop, but new data suggests they may be poised to keep going for much longer.
In one tweet On Feb. 16, on-chain analytics firm Glassnode noted that holder behavior is now similar to when Bitcoin was at its quietest in the price cycle.
Reserve Risk: Price bitcoin”depressed” but hodler Do not get discouraged
Regarding the Reserve Risk (“R-Risk”) Index, Glassnode argues that the current buy and sell trend is not a macroeconomic top or bottom trend.
“Low R-Risk values are characteristic of mid-bearish to mid-bullish cycles. There the price fell, but HODL dominated the on-chain.”
R-Risk looks at the number of days that holders choose not to sell against the current price action and shows the mindset of the market at a given price.
The R risk is currently trending downwards and is in the “depressive” range.
CHEAPReserve ironing belong Bitcoin | Source: Glassnode
In article In the initial statement, Glassnode also said that such moves take more time, again suggesting that events like this halving spike could be far away.
“The Risk Reserve Oscillator can fluctuate in line with macro bull/bear cycles. It has well-defined peaks that correspond to recession spikes and long periods of relative undervaluation during bear market lows and bull market highs.”
BILLION Mining started the “huge” accumulation trend
The current data aligns with the overall trend of long-term BTC hodlers as they continue to hold onto confidence despite an unexpected drop.
In fact, this corrective period lasts throughout 2021 and shows no signs of giving up.
Meanwhile data from the analysis company CryptoQuant shows that miners, who have also been accumulating “massively” in recent months, started holding their reserves more determinedly in January. The reason could be that Bitcoin is now being priced at par production costs, which is cutting into profits.
Bitcoin Miner Reserve Chart | Source: CryptoQuant
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