Bitcoin’s (BTC) price has shown promise as the long-term holder net position change reached its highest point since January 2020. Historically, this rise indicates a potential price recovery.
Glassnode reports long-term holders purchased 334,358 BTC, valued at $20 billion, indicating confidence in Bitcoin’s long-term potential. This mirrors 2020’s pattern, where similar accumulation led to a 300% price increase by year-end.
Although Bitcoin’s price is down 11.95% in the last 30 days, the Miner’s Position Index (MPI) has fallen to its lowest level, signaling miners are not selling. This could stabilize the price and potentially push it past $60,000.
Another bullish sign is the Exchange Stablecoin Ratio hitting its lowest since February 2023, indicating significant buying power in the market. Analysts suggest Bitcoin is nearing the end of its consolidation period.
Technically, Bitcoin is trading below the 200-day EMA, suggesting a bearish trend. However, a slight price increase could propel it above this level, potentially reaching $60,536. A positive MACD crossover and EMA alignment could push it further to $63,237.
Source: beincrypto.com ↗