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BITCOIN BULL RUN
End of Selling Spree: How Long-Term Holders Are Shaping Bitcoin’s Next Move?
Bitcoin Whales stop selling, turning $100,000 resistance into support, fueling hopes for a possible next bull run
2024 has been a record-breaking year for Bitcoin and the broader crypto market. The cryptocurrency market reached a significant milestone, hitting a record 5.4% of the U.S. stock market cap. From a modest start in 2016, the crypto market has experienced several peaks and valleys, with notable surges in 2017 and 2021. And after a volatile beginning to the new year, the digital assets seem to be setting their stride. Bitcoin also seems to be hanging on the other milestone of reaching a $2 trillion market cap.
$100,000 Resistance Turns Support
A recent analysis of Bitcoin (BTC) holdings by long-term investors suggests a significant shift in strategy. Data from Glassnode (chart below) indicates that these “whales” have seemingly ceased their selling spree, a move that has played a crucial role in transforming the psychological $100,000 price resistance into a support level for the first time.
This development has sparked optimism within the crypto community, with some analysts…