Bitcoin’s recent correction has been impulsive but not catastrophic. Although it was enough to scare speculators. A Glassnode study found that those who bought the main cryptocurrency for the HOLD strategy showed almost no reaction to the recent drop.
Glassnode’s on-chain statistics show that for those bitcoin buy positions that were less than a week old, there was an increase in adjusted spent weekend profit. This means that for these positions, due to the fall in bitcoin, the result was unprofitable.
And for those bitcoins that were bought a year ago or even earlier, the coefficient did not show any movements during the correction. At the same time, the movement of cryptocurrencies, which were acquired more than a month ago, slowed down.
During this time, Glassnode has seen a decline in the average age of coins spent. It now averages 30 days. Such dynamics began in January, which speaks of the confidence of long-term investors in maintaining the bullish trend for the main cryptocurrency.
It is worth considering the fact that the beginning of a bearish trend can lead to the “immobility” of those cryptocurrencies that were acquired a long time ago. The latest statistics indicate that the holders are not ready to spend their bitcoins now.
The movement index of old coins also speaks of the calmness of long-term investors on this correction. It has barely changed since the beginning of the year, while it would have crawled up with the sale of bitcoin by holders.
Meanwhile, Bitcoin continues to grow cautiously. The price broke through the local resistance 53980.47 (lower blue dotted line) and consolidated above it. BTCUSD is now open to resistance at 57513.35 (next blue dotted line). On the way, the quotes have an intermediate horizontal line of 100 by Fibo Expansion. But since this level has repeatedly broken through on the way of bitcoin down, then now, probably, the price will not stop.
And upon reaching the target of 57513.35, a breakdown of this level or a rebound from it will play a key role. If the horizontal is broken, the way will be opened for bitcoin in the area of $ 61,000 per coin.