Type to search

Bitcoin cryptocurrency rate News

Why Hasn’t Bitcoin Reached the Top yet?

Share
Bitcoin Reached the Top

Why Hasn’t Bitcoin Reached the Top yet?

Bitcoin price started its upward movement in November and is now holding above $ 19,000. However, at the same time as the price went up, long-term shareholders started making profits.

Bitcoin Reached the Top

The indicator of the average withdrawal time noted the movement of long-purchased coins, which indicates that long-term holders are making a profit.

Bitcoin Reached the Top

Currently, this indicator is at a high level, see the chart above.

The rise in prices boosted the total profit margin and showed that most long-term holders bought less than $ 10K of their BTC and held it for most of the recent bull run.

At the end of November, the average withdrawal period indicated that some long-term holders stopped walking and started making profits around this time, the Glassnode report says.

Bitcoin Reached the Top

For some, this could be alarming news, but it was definitely not a bearish signal.

Long-term holders take profits periodically, before and during bullish rallies. Because of this, the total number of longtime owners dropped markedly before the market peaked. This trend can be seen in the chart below.

Bitcoin Reached the Top

Long-term investor sales reduce the price somewhat and allow new retail investors to enter the market. Buying investors of both categories together with organizations means that the top has not yet been reached.

Read new crypto forecasts and current crypto news every day at https://news.bitxmi.com/

Join Bitxmi Exchange

Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

Leave a Comment

Your email address will not be published. Required fields are marked *

WP2Social Auto Publish Powered By : XYZScripts.com
bitcoin
Bitcoin (BTC) $ 53,699.00 7.70%
ethereum
Ethereum (ETH) $ 1,819.29 7.05%
binance-coin
Binance Coin (BNB) $ 241.77 3.07%
tether
Tether (USDT) $ 0.996674 0.44%
cardano
Cardano (ADA) $ 1.12 0.06%
polkadot
Polkadot (DOT) $ 35.52 4.40%
xrp
XRP (XRP) $ 0.478553 3.49%
uniswap
Uniswap (UNI) $ 33.30 0.02%
litecoin
Litecoin (LTC) $ 196.30 6.18%
chainlink
Chainlink (LINK) $ 30.98 8.32%
bitcoin-cash
Bitcoin Cash (BCH) $ 535.30 5.24%
stellar
Stellar (XLM) $ 0.419203 2.98%
usd-coin
USD Coin (USDC) $ 0.998956 0.12%
dogecoin
Dogecoin (DOGE) $ 0.058257 3.79%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 53,713.00 6.81%
nem
NEM (XEM) $ 0.704228 2.03%
aave
Aave (AAVE) $ 425.96 6.54%
theta-token
Theta Network (THETA) $ 5.18 19.25%
cosmos
Cosmos (ATOM) $ 19.57 3.24%
okb
OKB (OKB) $ 16.68 0.59%
terra-luna
Terra (LUNA) $ 10.74 29.51%
vechain
VeChain (VET) $ 0.062838 9.36%
monero
Monero (XMR) $ 221.43 7.39%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.161759 4.13%
eos
EOS (EOS) $ 3.98 4.79%
tron
TRON (TRX) $ 0.052678 3.71%
solana
Solana (SOL) $ 13.89 3.82%
iota
IOTA (MIOTA) $ 1.32 1.35%
bitcoin-sv
Bitcoin SV (BSV) $ 186.68 2.97%
tezos
Tezos (XTZ) $ 4.41 6.85%
havven
Synthetix Network Token (SNX) $ 21.91 3.58%
avalanche-2
Avalanche (AVAX) $ 25.05 4.13%
binance-usd
Binance USD (BUSD) $ 1.00 0.71%
ftx-token
FTX Token (FTT) $ 33.63 10.47%
neo
NEO (NEO) $ 41.46 7.96%
huobi-token
Huobi Token (HT) $ 15.61 5.06%
dai
Dai (DAI) $ 0.997515 0.13%
cdai
cDAI (CDAI) $ 0.021201 0.36%
elrond-erd-2
Elrond (EGLD) $ 146.08 1.82%
compound-ether
cETH (CETH) $ 36.47 6.95%
filecoin
Filecoin (FIL) $ 41.61 1.89%
the-graph
The Graph (GRT) $ 1.93 4.77%
dash
Dash (DASH) $ 228.67 7.98%
sushi
Sushi (SUSHI) $ 17.46 2.52%
kusama
Kusama (KSM) $ 244.56 7.44%
celsius-degree-token
Celsius Network (CEL) $ 5.46 6.65%
compound-governance-token
Compound (COMP) $ 476.63 1.31%
decred
Decred (DCR) $ 158.58 8.60%
compound-usd-coin
cUSDC (CUSDC) $ 0.021694 0.27%
maker
Maker (MKR) $ 2,186.02 1.89%