Although we have broken from below of a very strong hidden uptrend, expecting to see a strong retest on the 0.618 Fibonacci retracement, around the price of $0.59
#BTC is unable to hold the line on the retest and is now trading below. There are some mixed signals in the market, and the price is seeking a clear direction. Let's see how the next week unfolds.
Glassnode reveals that long-term Bitcoin holders (holding >155 days) are beginning to realize profits.
This selling pressure is likely acting as a barrier to new all-time highs, even as institutional demand remains strong. While the long-term outlook is still positive, this behavior suggests that profit-taking from early holders could temporarily cap the current rally.
#BTC Arkham says the recent $8.6 billion in Bitcoin, which was moved Thursday for the first time in more than 14 years, was apparently not being prepared for sale.
The activity may be related to an update to the address format, i.e. a migration from the traditional "1-" address to the "bc1q-" format.