Bitcoin price continues to trade just above $19,000 after rebounding from the lows of around $18,500. The star crypto hovered within the demand area for a while and quickly raised high and gained back the lost levels. While the market participants believe a major drawback is yet to arise, the whales look up to the bigger opportunity incoming in the long term.
The price of BTC has changed drastically since the beginning of 2022. The asset climbed higher from lows below $33,000 to rise above $48,000. However, later things turned extremely bearish as the price declined by over 60% and bottomed out below $18,000. Since then the price has been fluctuating around these levels.
Despite the shaky market conditions, the whales continue to HODL Bitcoin as more than 77% of BTC has never been moved ever.
Glassnode reports that holders have been holding BTC for over 10 years. So the current volatility is with the rest of the BTC in circulation, while holders short of bitcoin keep accumulating to become ‘holecoiners’ as quickly as possible.
As mentioned earlier, Bitcoin’s (BTC) price is currently attempting very hard to nullify the impact of the bearish Head & Shoulder pattern. However, the bearish pressure may continue to mount as the trend remains towards the south. Therefore, the asset still appears to mark new yearly bottoms before igniting a strong upswing in the coming days.
