After briefly touching $38,000, Bitcoin (BTC) has been unable to retest this zone, given that it’s emerging as a significant ceiling.
Top analyst Michael van de Poppe highlighted that the $38,000 to $40,000 range was a massive resistance zone, which the leading cryptocurrency had to break for an upward continuation.
Nevertheless, the analyst pointed out that all hope was not lost since Bitcoin continuously made higher lows, having attacked this resistance for the fourth time.
Higher highs and higher lows signal a rising trend, illustrating that buyers continuously buy the dip based on notable demand. Bitcoin was hovering around $36,963 at press time, according to CoinGecko data.
Holding Continues to Engulf the BTC Market
Even though Bitcoin is in a consolidation phase since it has lacked impressive momentum to push it above $38K, long-term investors are not relenting in their quest to continue accumulating the cryptocurrency.
For instance, the amount of BTC held by long-term investors recently hit a new all-time high (ATH), as highlighted by leading on-chain metrics provider IntoTheBlock.
Holding reduces selling pressure since cryptocurrencies are held in digital wallets or cold storage for future purposes other than speculation.
Meanwhile, Bitcoin recently reclaimed the $37,000 zone after Argentina elected a bitcoin-friendly president. Javier Milei bagged 55% of the votes in the November 19 presidential run-off and has been vocal about his Bitcoin admiration. At the same time, he has labelled central banks as scams that trigger inflationary taxes.
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