BTC price tracks $26.5K as Bitcoin speculator supply hits 12-year low
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Bitcoin (BTC) stuck to $26,500 into the Sep. 24 weekly close as exchange trader “accumulation” continued.
Analysis: BTC price “not ready to make a move”
Data from Cointelegraph Markets Pro and TradingView showed BTC price stability holding firm over the weekend.
Bitcoin had delivered a cool end to the Wall Street trading week, having also shaken off macroeconomic volatility catalysts from the United States.
With few cues appearing since, popular trader and analyst Credible Crypto eyed a slow build-up to a trend shift on the Binance order book.
“Looks like we are not ready to make a move yet,” he summarized to X subscribers on the day.
“Meanwhile, two more blocks of bids just filled. The accumulation continues. Maybe we get a slow weekend and start seeing some movement come Monday. Let’s see what tomorrow brings.”
The day prior, fellow trader Skew had hoped for a “liquidity hunt” into the weekly close, this yet to appear at the time of writing.
$BTC Aggregate CVDs & Delta
loading the sunday liquidity hunt… pic.twitter.com/qFD1dtDGHO— Skew Δ (@52kskew) September 23, 2023
Further subtle order book changes were noted by Keith Alan, co-founder of monitoring resource Material Indicators, who spied bid liquidity moving higher toward spot price.
Looks like the #BTC bid liquidity at $26.2k turned into a market order.#FireCharts pic.twitter.com/zJCTafttNK
— Keith Alan (@KAProductions) September 24, 2023
BTC short-term holder reduced to “fine powder”
Picking up on active Bitcoin market participants, meanwhile, popular trader and analyst CryptoCon noted a major washout of speculators.
Related: Bitcoin speculators now own the least BTC since $69K all-time highs
Short-term holders (STHs), the cohort of Bitcoin investors who have held their coins for 155 days or less, now control less of the available BTC supply than at any point in over a decade.
Highlighting data from on-chain analytics firm Glassnode, CryptoCon described STH holdings as a “fine powder.”
“In other words, there are more strong Bitcoin holders than ever before!” part of commentary added.
Previously, Cointelegraph reported on the implied losses currently being endured by the remaining STH investors.
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