{"id":609743,"date":"2024-05-25T00:00:56","date_gmt":"2024-05-25T00:00:56","guid":{"rendered":"https:\/\/wncen.com\/?p=609743"},"modified":"2024-06-11T07:02:54","modified_gmt":"2024-06-11T07:02:54","slug":"bitcoin-bulls-gain-breathing-room-as-long-term-holder","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bulls-gain-breathing-room-as-long-term-holder\/","title":{"rendered":"Bitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases – Glassnode"},"content":{"rendered":"

Bitcoin continues to dominate discussions, with its recent price movements drawing particular attention. As the asset struggles to reclaim its March all-time high of over $73,000, with recent attempts peaking above $71,000 earlier this week, the price has since receded to approximately $68,231<\/a>\u00a0at the time of writing.<\/p>\n

This retracement marks a 7.3% drop<\/a> from its March peak, signifying a volatile period<\/a> for the cryptocurrency, influenced by various underlying market factors.<\/p>\n

Related Reading: Bitcoin\u2019s Network Strengthens: Mining Difficulty And Hash Rate Spike Amid ETH ETF Buzz<\/a><\/div>\n

Long-Term Holders Lessen Selling, What This Spell For BTC<\/h2>\n

Glassnode, a renowned market intelligence platform, highlights<\/a> a significant development in Bitcoin\u2019s market behavior. According to a recent analysis of the platform, there has been a notable decline in the distribution pressure from Bitcoin\u2019s long-term holders (LTHs).<\/p>\n

\"Bitcoin
Bitcoin long-term holder metric. | Source: Glassnode<\/a><\/figcaption><\/figure>\n

Glassnode’s “Long-Term Holder Binary Spending Indicator” tracks the sell-off activity of long-standing Bitcoin holders, and its recent data points to a marked reduction in this group\u2019s selling pressure.<\/p>\n

Historically, when long-term holders reduce their selling, it alleviates downward pressure on the price, potentially giving rise to more bullish market conditions.<\/p>\n

Further insights into Bitcoin\u2019s price behavior come from prominent crypto analyst RektCapital, who noted<\/a> on social media platform X that Bitcoin typically faces resistance at the range high post-Halving and suggests a prolonged re-accumulation phase.<\/p>\n

As the crypto asset trades just below $69,000<\/a>, RektCapital discloses that Bitcoin might only break out from its current re-accumulation range around 160 days post-Halving, projecting a significant breakout<\/a> as late as September 2024. This analysis is crucial as it sets expectations for investors looking for signs of Bitcoin\u2019s next big move.<\/p>\n

\n

#BTC<\/a><\/p>\n

Historically, Bitcoin has always rejected from the Range High on the first attempt at a breakout after the Halving<\/p>\n

Moreover, history suggests this Re-Accumulation should last much longer<\/p>\n

Bitcoin tends to breakout from these Re-Accumulation Ranges only up to 160 days after\u2026 https:\/\/t.co\/Jw7FcQui2Q<\/a> pic.twitter.com\/beLdOPqZOi<\/a><\/p>\n

\u2014 Rekt Capital (@rektcapital) May 24, 2024<\/a><\/p><\/blockquote>\n

Meanwhile, recent price action from Bitcoin has led to substantial losses for some traders, with Coinglass data<\/a> showing about $41.68 million in liquidations for Bitcoin long traders and $14.34 million for short traders over the past 24 hours.<\/p>\n

\"Bitcoin
Bitcoin total liquidations in the past 12 hours. | Coinglass<\/a><\/figcaption><\/figure>\n

Overall, the crypto market has seen total liquidations amounting to $292.07 million during the same period, affecting 78,874 traders.<\/p>\n

Upcoming Challenges For The Bitcoin Market<\/h2>\n

According to Greeks.Live<\/a>, the imminent expiry of a significant volume of Bitcoin and Ethereum options adds another layer of complexity to the market\u2019s immediate future. 21,000 BTC in options are set to expire soon, with a Put Call Ratio of 0.88 and a Maxpain point at $67,000, representing a notional value of $1.4 billion.<\/p>\n

Similarly, 350,000 ETH options are nearing expiration, and their dynamics could influence the broader market due to their $1.3 billion notional value and a Put Call Ratio of 0.58.<\/p>\n

\n

May 24 Options Data
\n21,000 BTC options are about to expire with a Put Call Ratio of 0.88, Maxpain point of $67,000 and notional value of $1.4 billion.
\n350,000 ETH options are about to expire with a Put Call Ratio of 0.58, Maxpain point of $3,200 and notional value of $1.3\u2026 pic.twitter.com\/rftA9kBm4q<\/a><\/p>\n

\u2014 Greeks.live (@GreeksLive) May 24, 2024<\/a><\/p><\/blockquote>\n

In this context, a put option gives the holder the right to sell an asset at a predetermined price within a specific timeframe, which is often used as protection against a decline in the asset\u2019s price.<\/p>\n

Related Reading: Bitcoin On The Verge? Analyst Breaks Down What A $71,500 Weekly Candle Close Means For BTC<\/a><\/div>\n

Conversely, a call option offers the right to buy under similar conditions and is typically utilized in anticipation of a price increase. The Put Call Ratio is a tool that helps gauge market sentiment, with a higher ratio indicating a bearish outlook and a lower ratio suggesting bullish conditions.<\/p>\n

\"Bitcoin
BTC price is upward sideways on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image created with DALL\u00b7E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin continues to dominate discussions, with its recent price movements drawing particular attention. As the asset struggles to reclaim its March all-time high of over $73,000, with recent attempts peaking above $71,000 earlier this week, the price has since receded to approximately $68,231\u00a0at the time of writing. This retracement marks a 7.3% drop from its March peak, signifying a volatile period for the cryptocurrency, influenced by various underlying market factors. Related Reading: Bitcoin\u2019s Network Strengthens: Mining Difficulty And Hash Rate Spike Amid ETH ETF Buzz Long-Term Holders Lessen Selling, What This Spell For BTC Glassnode, a renowned market intelligence platform, highlights a significant development in Bitcoin\u2019s market behavior. According to a recent analysis of the platform, there has been a notable decline in the distribution pressure from Bitcoin\u2019s long-term holders (LTHs). Glassnode’s “Long-Term Holder Binary Spending Indicator” tracks the sell-off activity of long-standing Bitcoin holders, and its recent data points to a marked reduction in this group\u2019s selling pressure. Historically, when long-term holders reduce their selling, it alleviates downward pressure on the price, potentially giving rise to more bullish market conditions. Further insights into Bitcoin\u2019s price behavior come from prominent crypto analyst RektCapital, who noted on social media platform X that Bitcoin typically faces resistance at the range high post-Halving and suggests a prolonged re-accumulation phase. As the crypto asset trades just below $69,000, RektCapital discloses that Bitcoin might only break out from its current re-accumulation range around 160 days post-Halving, projecting a significant breakout as late as September 2024. This analysis is crucial as it sets expectations for investors looking for signs of Bitcoin\u2019s next big move. #BTC Historically, Bitcoin has always rejected from the Range High on the first attempt at a breakout after the Halving Moreover, history suggests this Re-Accumulation should last much longer Bitcoin tends to breakout from these Re-Accumulation Ranges only up to 160 days after\u2026 https:\/\/t.co\/Jw7FcQui2Q pic.twitter.com\/beLdOPqZOi \u2014 Rekt Capital (@rektcapital) May 24, 2024 Meanwhile, recent price action from Bitcoin has led to substantial losses for some traders, with Coinglass data showing about $41.68 million in liquidations for Bitcoin long traders and $14.34 million for short traders over the past 24 hours. Overall, the crypto market has seen total liquidations amounting to $292.07 million during the same period, affecting 78,874 traders. Upcoming Challenges For The Bitcoin Market According to Greeks.Live, the imminent expiry of a significant volume of Bitcoin and Ethereum options adds another layer of complexity to the market\u2019s immediate future. 21,000 BTC in options are set to expire soon, with a Put Call Ratio of 0.88 and a Maxpain point at $67,000, representing a notional value of $1.4 billion. Similarly, 350,000 ETH options are nearing expiration, and their dynamics could influence the broader market due to their $1.3 billion notional value and a Put Call Ratio of 0.58. May 24 Options Data 21,000 BTC options are about to expire with a Put Call Ratio of 0.88, Maxpain point of $67,000 and notional value of $1.4 billion. 350,000 ETH options are about to expire with a Put Call Ratio of 0.58, Maxpain point of $3,200 and notional value of $1.3\u2026 pic.twitter.com\/rftA9kBm4q \u2014 Greeks.live (@GreeksLive) May 24, 2024 In this context, a put option gives the holder the right to sell an asset at a predetermined price within a specific timeframe, which is often used as protection against a decline in the asset\u2019s price. Related Reading: Bitcoin On The Verge? Analyst Breaks Down What A $71,500 Weekly Candle Close Means For BTC Conversely, a call option offers the right to buy under similar conditions and is typically utilized in anticipation of a price increase. The Put Call Ratio is a tool that helps gauge market sentiment, with a higher ratio indicating a bearish outlook and a lower ratio suggesting bullish conditions. Featured image created with DALL\u00b7E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":609748,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,441,14618,629,6575,678,1119,78790,6664,10923],"class_list":["post-609743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-bulls","tag-bitcoin-market","tag-bitcoin-options","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\nBitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases - Glassnode<\/title>\n<meta name=\"description\" content=\"As the Bitcoin struggles to reclaim its March all-time high of over $73,000, with recent attempts peaking above $71,000 earlier this week...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-bulls-gain-breathing-room-as-long-term-holder\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases - 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Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases – Glassnode","url":"http:\/\/wncen.com\/news\/bitcoin-bulls-gain-breathing-room-as-long-term-holder\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bulls-gain-breathing-room-as-long-term-holder\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/DALL\u00b7E-2024-05-24-17.59.22-A-digital-illustration-depicting-a-bull-in-a-spacious-green-field-under-a-clear-blue-sky-symbolizing-Bitcoin-bulls-gaining-breathing-room.-Beside-the.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/DALL\u00b7E-2024-05-24-17.59.22-A-digital-illustration-depicting-a-bull-in-a-spacious-green-field-under-a-clear-blue-sky-symbolizing-Bitcoin-bulls-gaining-breathing-room.-Beside-the.jpg?fit=1024%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin bulls","bitcoin market","bitcoin options","bitcoin prediction","btc","btcusdt","crypto","crypto market"],"dateCreated":"2024-05-25T00:00:56Z","datePublished":"2024-05-25T00:00:56Z","dateModified":"2024-06-11T07:02:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases – Glassnode\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bulls-gain-breathing-room-as-long-term-holder\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bulls-gain-breathing-room-as-long-term-holder\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/DALL\\u00b7E-2024-05-24-17.59.22-A-digital-illustration-depicting-a-bull-in-a-spacious-green-field-under-a-clear-blue-sky-symbolizing-Bitcoin-bulls-gaining-breathing-room.-Beside-the.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/DALL\\u00b7E-2024-05-24-17.59.22-A-digital-illustration-depicting-a-bull-in-a-spacious-green-field-under-a-clear-blue-sky-symbolizing-Bitcoin-bulls-gaining-breathing-room.-Beside-the.jpg?fit=1024%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin bulls\",\"bitcoin market\",\"bitcoin options\",\"bitcoin prediction\",\"btc\",\"btcusdt\",\"crypto\",\"crypto market\"],\"dateCreated\":\"2024-05-25T00:00:56Z\",\"datePublished\":\"2024-05-25T00:00:56Z\",\"dateModified\":\"2024-06-11T07:02:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/DALL\u00b7E-2024-05-24-17.59.22-A-digital-illustration-depicting-a-bull-in-a-spacious-green-field-under-a-clear-blue-sky-symbolizing-Bitcoin-bulls-gaining-breathing-room.-Beside-the.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/609743"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=609743"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/609743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/609748"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=609743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=609743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=609743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}