The famous analyst said that strong hands rallied Bitcoin in the face of price weakness. According to an on-chain analyst at crypto analytics firm Glassnode, Bitcoin (BTC) is falling into the hands of its long-term holders amid weak price action. Detail Cryptocoin. com
Crypto whales collect BTC
The analyst, nicknamed TXMC, tells his 29,200 Twitter followers that the illiquid supply of BTC (Bitcoin held by “strong HODLers”) is increasing even as the largest crypto asset by market cap struggles below $60,000. “When the strong hands come together during the sell-off, there is a bullish divergence,” says the analyst.
Bitcoin is trading at $57,447.06 at the time of writing, up about 0.9% from a week ago. TXMC also closely monitors the output profits ratio (SOPR) metric, which looks at whether market participants are selling at a profit or loss. The analyst states that Bitcoin’s cryptocurrency profitability also jumped up after reaching a breakeven point. According to the analyst, “A bounce could signal a continuation to the upside based on the past. A similar jump was seen in the 2017 bull run. ”
Another analyst, Will Clemente, tweeted that Bitcoin is experiencing an “almost textbook leap” in the bull market support band. However, he is not sure that BTC is ready to go bullish yet. The analyst says:
To check our uptrend though: We still need to reclaim $61,000, we still haven’t closed on the daily, and we also need to see how the old markets will react tomorrow. It certainly hasn’t come out of the woods yet.