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Bitcoin's plunge to $90,000, followed by a recovery to $95,719, has sparked attention from analysts. They cite reduced profit-taking by long-term holders as the key factor behind the correction, possibly signaling that Bitcoin has already reached a local bottom.
Bitcoin's Drop Below $90K Sparks Market Reactions
The X-handle Negentropic's Jan Happel and Yann Allemann recently expressed their belief that long-term holders cashing out was a major factor in Bitcoin's recent price decline.
The most valuable cryptocurrency in the world recently dropped below $90,000 before recovering some of its losses. This happened earlier this week.
Having recovered from the dip, the price of Bitcoin has increased 1.5% in the last 24 hours and is now trading at $95,719 USD.
Notably, in comparison to early 2024, the founders of Glasnode saw that long-term holders of the dominant cryptocurrency were less aggressive when it came to profit-taking.
Bitcoin Rebounds to $95K Amid Long-Term Holder Activity
Despite Bitcoin coming near to touching the much-coveted $100,000 threshold earlier this week, a significantly lesser percentage of long-term investors started selling their coins.
The actions of Bitcoin's long-term holders point to a possible local bottom for the cryptocurrency, U.Today explains.
"The lack of continuous realized profit spikes suggests fewer LTHs exited during this correction—possibly signaling we've already hit the bottom," according to the pair.
The ETH/BTC pair has made significant gains, and altcoins have begun to outperform Bitcoin during the recent rally.
Altcoins Outperform Bitcoin as Market Analysts Monitor Trends
But according to the Glassnode cofounders, the market leader in cryptocurrency is still a ways off.
"Bitcoin's dominance has pulled back but hasn’t lost market leadership yet. To confirm a shift, we need a strong break below the Daily SMA 20—a key guide for the bullish trend," they stated in a recent report.
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