- Bitcoin
closed above $26,500 on September 24, catching attention. - Wall Street’s decline and US macroeconomic data become the focus of the crypto market.
- Investors continue to accumulate Bitcoin according to the data.
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Bitcoin closes impressively, investors show their faith by holding and accumulating, while significant data indicates a strong sentiment among the crypto community.
Bitcoin’s Impressive Close Above $26,500
Bitcoin marked an impressive weekly close above $26,500 on September 24. According to analysts, the primary reason behind this move is the relentless accumulation of Bitcoin by investors regardless of the price. Data from TradingView indicates that Bitcoin maintained price stability throughout the weekend. Meanwhile, factors like Wall Street’s downturn and US macroeconomic data came into the limelight of the crypto world.
Investors Continue Their Bitcoin Accumulation
Data from TradingView underscored Bitcoin’s price stability during the weekend. This week, Wall Street’s decline and US macroeconomic data emerged as significant points of interest in the crypto market. Binance, highlighting that investors are continuing their Bitcoin accumulation. He pointed out: “It seems we are not yet ready to make a move. Meanwhile, two more bid blocks just filled, and accumulation continues. Maybe we have a slow weekend and start seeing some action on Monday. Let’s see what tomorrow brings.” On September 23, another COINOTAG analyst hoped this trend might be a liquidity hunt, but at the time of writing, this had not occurred.
Significant Data Points in Bitcoin
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Renowned investor and analyst, CryptoCon, keeps updating followers about active market participants in the Bitcoin space. According to his latest post, speculators in Bitcoin have been liquidated to a significant degree. Short-term BTC holders (STHs), those who have held their Bitcoin for 155 days or less, are progressing to the lowest level in the last decade. This implies that Bitcoin owners continue to retain their assets, and this trend moves independently of the price. Drawing attention to data from on-chain data analysis company Glassnode, CryptoCon assessed the STH data as a thin layer, saying: “In other words, there are more strong Bitcoin owners than ever before!”
Conclusion
The crypto market, led by Bitcoin, has shown significant resilience in the face of macroeconomic factors and Wall Street’s performance. The continued accumulation by investors and the declining number of short-term holders highlight the growing confidence in Bitcoin. As data from the last decade indicates, there’s a strong sentiment of holding among the Bitcoin community, signaling its robust position in the financial ecosystem.
