Tech

Resistance at roughly $28.6k could last a while as long-term holders take profits

03/24/2023
Bitcoin Ethereum News

Quick Take

  • Long-term holders are defined as holding Bitcoin for six months or longer.
  • This cohort is spending at a profit for the first time since May 2022.
  • The spending cost basis of LTHs is roughly $28,600; due to the magnitude of this bear market, it is understandable profits are being taken.
  • LTHs have currently spent around 100,000 Bitcoin in the past few days.
  • A similar pattern can be seen in 2019 when emerging from the bear market.
LTH: (Source: Glassnode)
LTH: (Source: Glassnode)
SOPR and Spending: (Source: Glassnode)
SOPR and Spending: (Source: Glassnode)

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Source: https://cryptoslate.com/insights/resistance-at-roughly-28-6k-could-last-a-while-as-long-term-holders-take-profits/