According to the cryptanalyst firm Glassnode, the number of bitcoins in the hands of long-term holders has reached a multi-year high, and they have practically stopped spending them.
The latest report says that short-termholders now own less than 3 million BTC, one of the lowest ever. Consequently, the rest of the coins are owned by the hodlers. At the same time, the share of circulation of bitcoins stored in wallets for more than a month fell to 2.5% of the daily volume.
According to Glassnode analysts, this trendindicates renewed accumulationlong-term holders as prices fall. They also note that such a combination of the rate's closeness to the historical maximum and the low level of profit-taking is observed quite rarely. Based on this, it can be assumed that the bullish stage of the market cycle is still ongoing and a new leap in the rate will be required to complete it.
Currently, the key level is $ 52.9 thousand. A breakdown of this mark will be a signal for active selling and will open the way for bears to $ 42.2 thousand.
Although the accumulation data does not allow exactlyidentify price peaks and bottoms on the chart; they clearly display the current sentiments of various investor groups that directly influence the market. Thus, recent increased support from long-term holders led to an increase in the BTC rate to $68 thousand.
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