Bitcoin (BTC) June 4th remained narrow as traders continued to demand new macro lows.
Long-term holders start “distribution”
The pair was in control of the revival Nearly $ 31,000 The day before, but the last Wall Street trading session of the week rewarded the Bulls for their efforts.
The “overtime” market has low trading volumes but little volatility, so attention has been focused on possible directions that could be an inevitable breakout.
“The Bitcoin weekly chart is nothing short of horrifying, so the trend remains to continue. I think we will integrate a little longer in this range before it finally falls,” Crypto Tony announced today. Department Of a series of tweets
A More posts After the decline in forecasts settled, Bitcoin repeated its $ 22,000 to $ 24,000 target.
“We’re looking for another price cut from $ 24,000 to $ 22,000, but of course it will take some time to distribute, so we may be hovering over this support zone before the price cut.” ..
Others, including the popular Twitter account Cryptotoad, have planned to take full advantage of their incoming weaknesses.
I don’t know what you’re trying to do, but my plan is to start accumulating my long-term position up to 0.382 fibs at 21.5k with a 27k swing low.
— Cryptotoad (@ Mesawine1) June 4, 2022
Adding fuel to the fire was data from the on-chain analytics platform CryptoQuant. This shows that long-term holders are beginning to steal their stash with the classic bear market movement.
“The surrender phase of long-term holders has begun,” contributor analyst Edris summarized on one of the sites. QuickTake The latest market information released on June 3rd.
Commenting on the chart of long-term holders’ spent production margin (SOPR), Edris drew a comparison with conditions that preceded the bottom of the generation in Bitcoin’s history. These included the 2014 and 2018 bear markets, and the March 2020 COVID-19 cross-market crash.
“Currently, long-term holders are in the surrender phase and are selling in the red. This indicates that the smart money accumulation phase has begun and the next few months are a great time to invest in the market. It will be an opportunity for us. ” He read the post.
Such a surrender event “usually marks the bottom of a few years,” he said.
Exchanges still see big buys
With a hint that some were already there Buy a dipOn the other hand, exchange data have recently shown that spills have significantly outpaced inflows.
According to on-chain analytics firm Glassnode, netflow from major exchanges on June 3 totaled -23,286 BTC, the highest since May 14.
The latest version of the newsletter discusses long-term holder behavior at the beginning of the week.Week on chain“Glassnode’s lead-on-chain analyst, Checkmate, has elaborated on a class of investors who are currently least interested in selling.
Specifically, those who bought near the all-time highs in November 2021 said they “look relatively insensitive to prices,” and investor profiles increasingly consist of such stubborn Hodler. He added that it has been done.
“Prices continue to fall and they don’t want to let go of the coins, despite BTC’s major spot clearing events over 80k,” he added.
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