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Bitcoin, often referred to as digital gold, has once again captured the attention of traders and analysts. As it stood at around $26,500 on September 24, the conversation centered on accumulation, market speculation, and the strength of the holders.
The Market's Current Pulse
Into the weekly close of September 24, Bitcoin's value hovered between $26,500 and $26,600. This was a calm ending to what had been a turbulent trading week on Wall Street, particularly given the economic volatility stemming from the United States.
The uncertainty surrounding Bitcoin's next move has left many on the edges of their seats. Offering his analysis on the Binance order book, the well-regarded trader and analyst, Credible Crypto, provided a thoughtful insight to his subscribers on X (previously known as Twitter).
“Looks like we are not ready to make a move yet,” he mused. Adding to the anticipation, he observed, “Meanwhile, two more blocks of bids just filled. The accumulation continues. Maybe we get a slow weekend and start seeing some movement come Monday.
Let’s see what tomorrow brings”.
In contrast, another analyst named Skew had earlier speculated about a possible "liquidity hunt" leading into the weekly close.Looks like we are not ready to make a move yet. Meanwhile, two more blocks of bids just filled. The accumulation continues. Maybe we get a slow weekend and start seeing some movement come Monday.
Let's see what tomorrow brings. $BTC https://t.co/xgiuTrHdxZ pic.twitter.com/3jUZn5kCtc — CrediBULL Crypto (@CredibleCrypto) September 24, 2023
However, as of the current reporting, such a movement is yet to be seen.
Decoding Holder Strength and Market Speculation
In the ever-evolving world of Bitcoin, understanding the strength and behavior of its holders can offer significant insights.
CryptoCon, another popular trader and analyst, has recently shed light on an interesting trend. Relying on data from the on-chain analytics firm, Glassnode, he observed that Short-term holders (STHs) – those who've held onto their Bitcoin for 155 days or less – now possess a smaller fraction of the available Bitcoin supply than they have in over ten years.
This decrease in STH holdings, which CryptoCon intriguingly described as a “fine powder,” signals a more substantial presence of long-term, committed Bitcoin holders. As the narrative further unfolds, a portion of the commentary underscored the current sentiment: “In other words, there are more strong Bitcoin holders than ever before!”