Long-Term Bitcoin Holder Starts Cuan

Bitcoin holders are starting to take profit. (Photo; Doc. Slo Tech)

JAKARTA - Bitcoin, a leading cryptocurrency, continues to be in the spotlight for long-term investors who see it as a promising asset. Recent data show that the long-term Bitcoin holder, who has been holding this digital asset for more than 5 months, now dominates 70% of Bitcoin's total supply.

According to data from Glassnode, Long-Term Holders currently control 70% of Bitcoin's total supply, which is equivalent to 14,787,265 BTC, and this number continues to grow. More interestingly, 69.2% of these long-term holders have found themselves in a lucrative position, having held their BTC for an average of more than 155 days.

Recent data from TradingView shows that the price of BTC has reached stability, with this cryptocurrency hitting a monthly high of US$26,800 (Rp412 million) just two days ago.

Even so, the Bitcoin recovery process is still in its early stages, and the market is closely observing the Federal Open Market Committee (FOMC) meeting scheduled for September 20. Although many market participants expect the Federal Reserve to retain its current interest rates, the potential surprise still exists during a press conference to be chaired by Fed Chairman Jerome Powell.

The FOMC meeting is in the spotlight this week, as Federal Reserve officials will make decisions regarding the direction of interest rates. Powell faces significant challenges, especially as recent data regarding the US consumer price index (JCI) shows a fairly moderate increase in inflation, although core inflation is still below its peak in July 2022.

In terms of technical analysis, Bitcoin shows signs of mild bearish, with prices moving around the resistance level of US$26,800 (Rp412 million), slightly above the support of US$26,500 (Rp407 million). This pattern hints at the potential for double-top formation.

Throughout 2023, Bitcoin price movements have been heavily influenced by speculation surrounding the approval of the Bitcoin Spot ETF by the US Securities and Exchange Commission (SEC).

In recent weeks, we have seen limited developments in this regard, which may be one of the factors contributing to Bitcoin's current price stability. Investors remain vigilant and ready to respond to various events that could affect the crypto market.