Cautious Optimism Surrounds Bitcoin Price Prospects Amidst Growing Long-Term Holder Dominance and Market Stability

Cautious Optimism Surrounds Bitcoin Price Prospects Amidst Growing Long-Term Holder Dominance and Market Stability

Crypto News – Recent market data indicates a growing interest in Bitcoin‘s potential for a price uptick. Glassnode data reveals that a significant 70% of the total Bitcoin supply, totaling 14,787,265 BTC, is now held by Long-Term Holders. Impressively, 69.2% of these long-term holders are in a profitable position, having held their BTC for an average of more than 155 days.

In the recent past, BTC price performance has shown signs of stability, reaching a monthly high of $26,800 just two days ago, according to data from TradingView.

However, the journey to recovery is still in its early phases, and market observers are closely monitoring the Federal Open Market Committee (FOMC) meeting scheduled for September 20. While the majority of market participants expect the Federal Reserve to maintain the current interest rates, there is anticipation of potential surprises during Fed Chair Jerome Powell’s subsequent press conference.

This week, all eyes are on the FOMC meeting, where Federal Reserve officials will decide on the direction of interest rates. Powell faces a challenging task, particularly in light of recent data on the US consumer price index (CPI) indicating slight increases in headline and core inflation. However, it’s noteworthy that core inflation remains below its peak in July 2022.

From a technical analysis standpoint, Bitcoin is showing a mild bearish tendency, hovering around the $26,800 resistance level, just above the $26,500 support. This pattern suggests a potential formation of a double-top.

Throughout 2023, Bitcoin’s price movements have been significantly influenced by speculation regarding the approval of a Spot Bitcoin ETF by the US Securities and Exchange Commission (SEC). However, recent weeks have seen limited updates on this front, possibly contributing to the current price stability of Bitcoin.