In recent weeks, Bitcoin and the broader crypto market have surged from their 2024 lows. This increase was notably driven by Federal Reserve Chair Jerome Powell’s hint at a potential interest rate cut in September, boosting investor optimism and market activity.
Glassnode data shows that Bitcoin long-term holders (LTH) secure consistent daily gains of $138 million. This trend is a crucial indicator for market stability as it highlights the balance needed between new capital inflows and LTH's selling pressure to stabilize Bitcoin prices.
Bitcoin is currently trading at $64,360, recovering from a recent dip to $49,577. If it can maintain its position above the 200-day moving average and break $65,000, it could target $67,000. Failure to stay above $63,000 may lead to a retesting of $60,000.
