The bitcoin (BTC) price is currently in an area where quite a bit of resistance can be found. Will the $50,000 be tapped again? In this article a number of tweets from prominent figures from crypto land!
“Experienced traders hold their bitcoins”
on chain analyst Will Clemente looks at data from the Bitcoin blockchain. On the basis of this data, analysts can find out, among other things, where bitcoins are going and what the behavior of bitcoin owners is. Clemente shared a tweet last night detailing his findings on the latter aspect.
He explains that the average age of bitcoins being issued is falling again. According to on-chain research company glass node this means that the transactions on the network consist more of younger bitcoins. “This shows that older coins (more experienced market participants) are holding steady and may be expecting more gains,” said Clemente.
The average age of the BTC being spent is back in decline.
This shows older coins (more experienced market participants) are sitting tight and presumably expecting more upside here. pic.twitter.com/B6coic89fV
— Will Clemente (@WClementeIII) September 15, 2021
Miners hold on, Ethereum addresses grow in numbers
We’ll stick with Glassnode’s data for a while. In recent hours, they have shared a number of charts that show, among other things, that miners are increasingly holding onto their bitcoins. Do they also expect more increases? It ‘miner outflow volumehit a monthly low.
📉 #Bitcoin $BTC Miners’ Outflow Volume (7d MA) just reached a 1-month low of 43,310 BTC
Previous 1-month low of 44,091 BTC was observed on September 15, 2021
View metrics:https://t.co/DvHJapToPY pic.twitter.com/IOtkOjAYI3
— glassnode alerts (@glassnodealerts) September 16, 2021
Glassnode also showed that the bitcoin balances on exchanges have further declined and hit another 3-year low. The trend of investors buying bitcoin and placing it in an external wallet is therefore continuing. It is also interesting that the number of ethereum addresses with at least 0.01 ETH is a all time high (ATH) have reached. More than 17 million wallets now hold 0.01 or more ETH.
In short, the sentiment seems to be positive, with positive developments on the blockchain as well. Is Bitcoin going to hit $50,000 and Ethereum to $4,000? Check out the market update from our analyst Michiel here!