New data from Glassnode, shared by crypto trader Ali, shows that over 54% of Bitcoin’s supply has remained untouched for two or more years. This indicates a strong long-term conviction for BTC despite recent price fluctuations. Despite this positive news, BTC’s price has slipped by 0.49% over the past 24 hours and is currently trading at $29,261.97 according to CoinMarketCap. However, the weekly price performance for BTC remains in the green at +6%.
BTC reached a daily high of $29,411.23 over the last 24 hours but has since retracted to its current price. Poor trading activity in the past day may be the reason for BTC being unable to maintain a position above $29,400. The daily trading volume for BTC is estimated to be $10,272,138,710, which is a 37.04% 24-hour drop.
BTC’s price is currently resting on the 9-day EMA line after facing rejection from the $29,700 mark. If the crypto’s price continues to fall in the next 24-48 hours, it will receive support from the $28,800 level. If this level fails to hold, then BTC’s next downside target will be $27,800. However, the bearish thesis may not play out given the recent crossing of the 9-day EMA line above the 20-day EMA line.
Traders are anxiously awaiting the outcomes of the economic data coming out from the US later this week, with the FED’s interest rate decision being the most significant macroeconomic information being released. FED interest rate decisions have historically had a notable impact on BTC’s price and prices in the rest of the crypto market. Therefore, traders may be treading cautiously leading up to Wednesday’s decision.
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