The price of bitcoin (BTC) remained near $26,500 at the weekly close of September 24 while the gathering of exchange operators continues.
Analysis: BTC price “not ready to make a move”
Data from Cointelegraph Markets Pro and TradingView show that BTC price stability remained strong over the weekend.
Bitcoin had an uneventful end to the trading week on Wall Street, unaffected by US macroeconomic volatility catalysts.
With some signals emerging since then, renowned trader and analyst Credible Crypto predicts a slow build-up to a trend reversal in Binance’s order book.
“It seems we are not ready to act”, SAYS of X (formerly Twitter) subscribers that day.
“In the meantime, two more blocks of deals have been filled. The backlog continues. Maybe we’ll have a slow weekend and start to see some movement on Monday. We’ll see what’s in store tomorrow.”
The other day, he did too Trader Skew expects a “liquidity finding” at the weekly close; it has not been seen at the time of writing.
— Skew Δ (@52kskew) September 23, 2023
Keith Alan, co-founder of Material Indicators, noticed others subtle changes in the order book, such as adding supply liquidity to the spot price.
— Keith Alan (@KAProductions) September 24, 2023
It appears that the liquidity of #BTC bid at $26,200 has become a market order.
Short-term BTC holders reduced to “fine dust”
Regarding the active participants in the bitcoin market, the famous trader and analyst CryptoCon noticed a large outflow of speculators.
Short-term holders (STH), the group of bitcoin investors who hold their coins for 155 days or less, now control less available supply of BTC than at any time in over in a decade..
Highlighting data from on-chain analytics firm Glassnode, CryptoCon described STH holdings as “fine dust.”
“In other words, There are stronger bitcoin holders than ever before!”said the comment section.
Previously, Cointelegraph reported implied losses that are now being borne by remaining STH investors.