- The crypto trader Ali recently shared on-chain data from Glassnode via a tweet.
- Ali’s post shows that more than 50% of BTC’s supply has remained untouched for 2+ years.
- In related news, BTC traders are preparing themselves for this week’s FED interest rate decision.
The crypto trader Ali shared recent data from Glassnode via a tweet this morning. In the tweet, Ali stated that the supply for Bitcoin (BTC) continues to tighten as around 54% of the BTC supply remains unmoved for two or more years. According to the trader, this holding pattern demonstrates long-term conviction for BTC despite the recent price fluctuations.
The market leader’s price has slipped again over the past 24 hours according to CoinMarketCap. At press time, BTC’s price is down 0.49% and currently stands at $29,261.97. Fortunately, the weekly price performance for BTC remains in the green at +6%.
BTC was able to reach a daily high of $29,411.23 over the last 24 hours, but has since retraced to trade at its current price. Furthermore, BTC being unable to maintain a position above $29,400 may be the result of the poor trading activity in the past day. Currently, BTC’s daily trading volume is estimated to be $10,272,138,710, which is a 37.04% 24-hour drop.
Daily chart for BTC/USDT (Source: TradingView)
BTC’s price is currently resting on the 9-day EMA line after facing rejection from the $29,700 mark. Should the crypto’s price continue to fall in the next 24-48 hours, it will receive support from the $28,800 level. If this level fails to hold, then BTC’s next downside target will be $27,800.
The bearish thesis may not play out, however, given the fact that the 9-day EMA line recently crossed above the 20-day EMA line. There has, however, been mediocre price movement for BTC over the last 3 days. This may be because traders are anxiously awaiting the respective outcomes of the economic data coming out from the US later this week.
Perhaps the most important macroeconomic information being released this week is the FED’s interest rate decision happening this coming Wednesday. Historic FED interest rate decisions have had a notable impact on the price of BTC and prices in the rest of the crypto market. Therefore, traders may be treading cautiously leading up to Wednesday’s decision.
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