Bitcoin Struggles, Selling Pressure Mounts, HODLers Set New Record

Bitcoin (BTC) took a big plunge this week, then recovered stronger than expected, but fell to a lower level yesterday: $26,500. Bitcoin struggled to hold on to support at this level yesterday, but is now trying to get a grip on it again.

The BTC price stands at $26,498 on Binance and $24,590 on Bitvavo at the time of writing. This means that the bitcoin price is up 0.2% today. The total market capitalization is $514 billion and the dominance is 46.7%. The Fear & Greed Index comes out at 50 (Neutral).

Bitcoin cares little about charges

Bitcoin is shrugging off charges against Binance and Coinbase more strongly than many altcoins. That’s probably because the mother of all cryptocurrencies was not labeled as a security by the Securities and Exchange Commission (SEC) in the indictments, while the US regulator has done so for 67 other coins.

Volatility is on the rise again

It is possible that these lawsuits will not come to an end soon and that the market will therefore remain in uncertainty for a long time to come. The market was already uncertain due to the gloomy macroeconomic situation. For example, Canada raises interest rates again and tech stocks turn red again. Still, the charges brought a brief return of some volatility, as that too has been very low recently.

Not only did the volatility increase slightly, the number of unique addresses active on the network also increased. The number of active addresses reached more than million in the past two days, the highest since April 21. However, that may be due to investors shifting their bitcoin following the SEC’s indictments.

Bitcoin selling pressure is getting the better of you

Analyst Ali Martinez therefore reports that selling pressure is starting to gain the upper hand again. After a long period of accumulation, selling pressure is currently dominating the market, the analyst says.

BTC HODLers hit new record

Despite this, long-term holders are still holding on to their bitcoin. As many as 32 million addresses have been holding over 13 million BTC for over a year. It’s a new one all time high since the launch of the network.

Bitcoin analysts very divided

Analysts therefore sound very uncertain and their opinions remain sharply divided. For example, Rekt Capital wonders whether we will have another pullback to see the macro bottom as happened in 2015. That could bring bitcoin back to the lows from the end of last year.

Analyst Mikybull, on the other hand, reports that he had a reverse head & shoulders see pattern forming. According to the analyst, this could lead to an increase of no less than 60%.

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