{"id":347234,"date":"2023-09-29T07:00:33","date_gmt":"2023-09-29T01:30:33","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=347234"},"modified":"2023-09-29T02:47:37","modified_gmt":"2023-09-28T21:17:37","slug":"why-bitcoins-latest-milestone-could-do-little-to-support-btc-bulls","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-bitcoins-latest-milestone-could-do-little-to-support-btc-bulls\/","title":{"rendered":"Why Bitcoin&#8217;s latest milestone may do little to support BTC bulls"},"content":{"rendered":"<ul>\n<li><em>Bitcoin bulls flex as whole coiners and long-term holders rally.<\/em><\/li>\n<li><em>BTC\u2019s price chart showed signs that the market might be kicking off its next short-term rally<\/em><\/li>\n<\/ul>\n<p>If you are a <a href=\"http:\/\/ambcrypto.com\/why-bitcoin-is-not-threatened-by-a-rising-dollar\/\">Bitcoin [BTC]<\/a> fan, chances are that you are wondering when the next bull run will commence. Unfortunately, accurately predicting the timeline is nearly impossible.<\/p>\n<p>However, assessing the state of demand gives insights into short and long-term prospects.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s [BTC] price prediction<\/a> 2023-24<\/p>\n<hr \/>\n<p>At least there is some good news for <a href=\"http:\/\/ambcrypto.com\/bitcoin-of-low-volumes-and-the-future-of-hodlers\/\">BTC holders<\/a> especially those in it for the long-term. According to recent findings, the amount of BTC supply held by long-term HODLers was now at its highest level in history at 76.09%.<\/p>\n<p>This confirmed that long-term investor confidence was growing significantly.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">There it is &#8212; The percentage of Bitcoin supply held by long-term holders just officially reached its highest level ever at 76.09%. <a href=\"https:\/\/t.co\/D5SYBTmSm2\">pic.twitter.com\/D5SYBTmSm2<\/a><\/p>\n<p>\u2014 Will Clemente (@WClementeIII) <a href=\"https:\/\/twitter.com\/WClementeIII\/status\/1707390558996455690?ref_src=twsrc%5Etfw\">September 28, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThis may suggest that long-term holders see the current price range as an ideal entry point. One of the major reasons for this is the heavy weight of expectations placed upon Bitcoin ETFs.<\/p>\n<p>With each passing day, the probability of a <a href=\"http:\/\/ambcrypto.com\/u-s-congress-and-sec-put-bitcoin-on-the-spot-over-etfs-how\/\">spot ETF<\/a> approval goes higher, especially regarding recent pressure on the SEC. In addition to the growing long-term holders, the number of addresses holding at least 1 BTC also attained a new ATH.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">? <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Number of Addresses Holding 1+ Coins just reached an ATH of 1,022,989<\/p>\n<p>Previous ATH of 1,022,961 was observed on 25 September 2023<\/p>\n<p>View metric:<a href=\"https:\/\/t.co\/s7tx1xxyz3\">https:\/\/t.co\/s7tx1xxyz3<\/a> <a href=\"https:\/\/t.co\/18saLV4HF4\">pic.twitter.com\/18saLV4HF4<\/a><\/p>\n<p>\u2014 glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1707398673712214032?ref_src=twsrc%5Etfw\">September 28, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h4><strong>Is Bitcoin still bearish in the short term?<\/strong><\/h4>\n<p>The above findings indicate that Bitcoin was seeing considerable demand at its current price level. However, this does not necessarily indicate that it will avoid more downside. Bitcoin\u2019s recent attempts to rally back to the $30,000 price range have been thwarted by sell pressure. A sign that the market still stood in favor of short-term profit-taking.<\/p>\n<p>Despite the recent FUD, the recent accumulation clearly had an impact on Bitcoin\u2019s performance. It pulled off a 2.75% upside in the last 24 hours to its $27,112 press time price. This means, at press time, the cryptocurrency was up by over 4% from its current weekly low.<\/p>\n<figure id=\"attachment_347236\" aria-describedby=\"caption-attachment-347236\" style=\"width: 1318px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-28_23-00-30.png\"><img decoding=\"async\" class=\"wp-image-347236 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-28_23-00-30.png\" alt=\"Bitcoin price action\" width=\"1318\" height=\"742\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-28_23-00-30.png 1318w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-28_23-00-30-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-28_23-00-30-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/BTCUSD_2023-09-28_23-00-30-768x432.png 768w\" sizes=\"(max-width: 1318px) 100vw, 1318px\" \/><\/a><figcaption id=\"caption-attachment-347236\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>Will Bitcoin sustain its current upside? Well, \u00a0Bitcoin\u2019s latest performance has been going against expectations. For example, lower highs previously yielded bearish expectations, especially after the death cross earlier this month.<\/p>\n<p>Meanwhile, the current rally underscores a bounce from its Relative Strength Index (RSI)\u2019s ascending short-term support. It also reinforced the observation that BTC was gaining relative strength.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">How many are 1,10,100 BTCs worth today<\/p>\n<hr \/>\n<p><a href=\"http:\/\/ambcrypto.com\/bitcoin-accumulation-on-exchanges-may-not-be-a-bullish-sign-analyst-warns\/\">Bitcoin\u2019s exchange flows<\/a> pivoted since Saturday (23 September) and has been on the rise since then. The latest Glassnode data revealed that exchange outflows outweighed exchange inflows. In short, BTC demand outweighed sell pressure.<\/p>\n<figure id=\"attachment_347235\" aria-describedby=\"caption-attachment-347235\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_btc-exchange-inflow-volume-total-btc-exchange-outflow-volume-total-9.png\"><img decoding=\"async\" class=\"wp-image-347235 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_btc-exchange-inflow-volume-total-btc-exchange-outflow-volume-total-9.png\" alt=\"Bitcoin exchange flows\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_btc-exchange-inflow-volume-total-btc-exchange-outflow-volume-total-9.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_btc-exchange-inflow-volume-total-btc-exchange-outflow-volume-total-9-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_btc-exchange-inflow-volume-total-btc-exchange-outflow-volume-total-9-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_btc-exchange-inflow-volume-total-btc-exchange-outflow-volume-total-9-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_btc-exchange-inflow-volume-total-btc-exchange-outflow-volume-total-9-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-347235\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>Bitcoin\u2019s latest performance and price chart pattern suggested that it might kick off Q4 with some bullish momentum. However, the preference for short-term profit-taking may still be in effect at least until the next white swan event.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent accumulation pressure around BTC clearly had an impact on the performance of the king of cryptocurrencies. While there is the possibility of BTC entering Q4 on a bullish note, the sentiment of short-term profit taking still lingered in the market. <\/p>\n","protected":false},"author":63,"featured_media":347237,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-347234","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why Bitcoin&#039;s latest milestone may do little to support BTC bulls - AMBCrypto<\/title>\n<meta name=\"description\" content=\"If you are a Bitcoin fan, chances are that you are wondering when the next bull run will commence. 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