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- Bitcoin’s on-chain data indicates that Long-Term Holders (LTH) are not selling their BTC holdings following the peak at $73K, suggesting a renewed recovery sentiment.
- Despite selling 1.3 million BTC when Bitcoin hit over $73K, LTH are now holding onto their BTC.
- This development hints at a potential recovery in line with market expectations.
Bitcoin’s Long-Term Holders are holding onto their BTC, indicating a potential recovery in the market. This article explores the implications of this trend.
Long-Term Bitcoin Holders Remain Bullish
Bitcoin price has been on a downtrend for 2 months and failed to hold upside momentum, with bulls turning weak. However, Bitcoin’s on-chain data reveals that long-term holders (LTH) are currently not selling their holdings following a peak at Bitcoin’s all-time high.
Bitcoin Price Aims to Recover?
The US government’s budget surplus in April expanded to $210 billion from $176.2 billion a year earlier, driven by higher tax receipts that outpaced increased spending. This macroeconomic development, coupled with the holding pattern of LTH, suggests a potential recovery for Bitcoin’s price.
Conclusion
Despite the recent downtrend in Bitcoin’s price, Long-Term Holders are not selling their BTC holdings. This, coupled with positive macroeconomic developments, suggests a potential recovery in Bitcoin’s price. However, as with any investment, caution and thorough research are advised.
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