Data from Glassnode, a prominent blockchain analytics firm, shows that long-term holders of Bitcoin have reached a significant milestone by securing a staggering 70% of the total Bitcoin supply, equivalent to 14,787,265 BTC.
This trend towards long-term accumulation has been persistent and shows no signs of slowing down, with these investors continuing to amass more Bitcoin and achieve new record highs in their holdings.
One of the intriguing aspects of this development is that 69.2% of these long-term holders find themselves in a profitable position, underscoring their unwavering commitment to digital assets.
Long-term holders are classified as individuals or entities whose average purchase or receipt date for Bitcoin is at least 155 days ago. Their steadfast belief in the future of Bitcoin is reflected not only in the quantity they hold but also in their confidence in its potential for appreciation.
Simultaneously, blockchain data analytics company IntoTheBlock made a noteworthy observation in recent transaction patterns. There has been a conspicuous shift in Bitcoin transaction dominance from Western time zones to Eastern ones.
The Western regions have traditionally accounted for a higher share of Bitcoin transactions. However, this new trend indicates that Eastern time zones are becoming increasingly influential in the Bitcoin ecosystem.
This shift in dominance becomes even more intriguing when considering that it is most pronounced on days with lower transaction totals. It suggests that the Eastern time zones are catching up and making their mark during periods of relative quiet in the market.
In a historic milestone, Bitcoin processed an astonishing 703,000 transactions on a single Friday, underscoring the continued growth and adoption of the cryptocurrency.
Price Analysis: Bearish Bitcoin Fractal & Potential Rally
Turning to the price analysis front, Rekt Capital, a renowned crypto trader and analyst, has shared insights on the potential trajectory of BTC’s price. According to Rekt Capital, a bearish BTC fractal is in play, suggesting that the price could rally as high as approximately $29,000 before experiencing additional downside pressure.
Key technical events to watch for in this context include the possibility of overextension beyond the Bull Market Support Band, represented by a yellow circle. However, the fractal would remain intact if this overextension is followed by a failed retest of the Band as support post-breakout.
Another scenario to consider is a revisit of the Lower High resistance, with potential upside wicking beyond it, but an ultimate rejection at that level would also keep the fractal intact.
Rekt Capital has outlined specific criteria for invalidating this bearish Bitcoin fractal, including a) the Bull Market Support Band holding as support, b) a weekly close beyond the Lower High resistance, and c) a breach of the $31,000 yearly highs.
These developments in Bitcoin’s ownership distribution, transaction patterns, and price analysis indicate that the cryptocurrency market remains as dynamic and unpredictable as ever.
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