Bitcoin's supply distribution suggests strong price support for its current level, according to Glassnode.
Only 25% of All Coins Were Purchased above Bitcoin's Current Price
Bitcoin's supply distribution suggests strong price support for its current level, according to Glassnode.
Only 25% of all coins were purchased above Bitcoin's current price of about $30,000, according to the on-chain analytics platform, which stated that the ratio of coins in profit/loss has reached 75:25.
The majority of those individuals are long-term investors who are either holders with plenty of experience or likely to create resistance by taking profits as the price increases.
Glassnode noted that once achieved, this level typically requires some time for the market to absorb; analysts refer to this period of time as an "accumulation period" between halving occasions.
Lack of macro market direction and sideways trading for several months are characteristics of accumulation periods. As previously noted by Glassnode, Bitcoin's present behavior is akin to that of bull markets in their early stages.
