The Global Crypto market printed green indexes even after Fed Reserve raised interest rates by 75 basis points again. Bitcoin (BTC) prices recovered to trade over the $23k price level. However, experts suggest that long term holders are now selling at a loss.
Bitcoin long term holders under pressure
A report by Cryptoquant mentioned that there are few moments in Bitcoin’s history that can match the current situation. The age of UTXO age of has surpassed 155 days. Most of these holders entered at a high base cost and were hoping that BTC would register a new all time high.
The expert hinted that this is a good opportunity to buy more Bitcoin. The holders are now under pressure and are forced to sell due to the seller’s movement. However, unstable macroeconomic situations are adding more pressure to it.
He added that around the 2015-2016 bear market Bitcoin long term holders’ profit ratio rested below 1.00 for about 400 days. This directly suggests that long term UTXOs were consumed at a loss in comparison to the realized price.
If we take a look at 2018-2019, the same indicator depicted sales at a loss signal for around 320 days. Meanwhile, he added that later when the BTC price recovered the holders went to sell at a profit.
As per the report, July 28, 2002, marked the 65th day since long term holders started selling at loss. This is a good indication for the investors waiting for the accumulation with the cash in hand.
BTC price up by 7%
Bitcoin prices have jumped by over 8% in the last 24 hours. BTC is trading at an average price of 23,080, at the press time. Its 24 hour trading volume has surged by more than 50% to stand at $38.4 billion.
However, the digital asset market cap jumped by more than 7% over the last day. It now stands at $1.06 trillion. The 24 hour trading volume has also surged by over 64% to stand at $103 billion.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.