Bitcoin (BTC) Dominated by Long-Term Holders, Signaling a Potential Strong Momentum in the Market

Rightnow, the long-term holders in the Bitcoin market hold at least 14.82 million Bitcoins. In the past 30 days, Long Term Holders supply increased by 262,000 $BTC.

Bitcoin price experienced a strong momentum in the last 24-hours, and it encountered a resistance at $62,734 from the opening price of the day. The price fell sharply from this level and dropped to a low of $59,422.70 by the press time. This marks a drop of at least 5.9% in the BTC price in the last 24-hours from the opening price.

In the past 30-days, the Bitcoin price has marked a fall of at least 14.4%. At the beginning of this month, the BTC price was over $65,216. In the following days, it saw a sharp drop. On 5th Aug, it registered a monthly low of $53,987. On that day, the 24-hour volume of BTC recorded a monthly peak of $435.756M.

On Aug 8, a strong green candlestick was formed, but the corresponding volume was just $225.652M. In the following days, the market was moving sideways, in the range between a low of 457,612 and a high of $64,230. At present, the Bitcoin price stands at $59,451.24.

Rightnow, the long-term holders in the Bitcoin market hold at least 14.82 million Bitcoins.

In the past 30 days, Long Term Holders supply increased by 262,000 $BTC.

They now control 14.82 million Bitcoin, which accounts for 75% of the total supply. pic.twitter.com/MfUWjRNuar

What it means is nothing complex: at least 75% of the total number of BTC in existence is controlled by these holders at present. As per a latest post published in X by CryptoQuant, in the last 30 days, the long-term Bitcoin holders have added at least 262,000 BTC to their BTC holdings.

The above given chart shows the total change in the amount of Bitcoin held by long-term holders over the last 30-days. The chart justifies the observation published in the past that at least 262,000 BTC has been added to the holdings of the long-term holders in the BTC market in the last 30-days alone.

At present, the Bitcoin market has less emotional holders, as it is dominated by its long-term holders. So, the possibility for the occurrence of a sharp fall in the BTC price is less. As the foundation of the BTC remains strong, there is a high possibility for a strop upward momentum.

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