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Over 2.3 Million of the Bitcoin Supply hasn’t Moved in since 2011: How it May Impact BTC Price?

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Around 10 to 11% of Bitcoin’s total supply hasn’t moved in over a decade with 2.3 million being held by Bitcoiners since 2011. As per the reports of Glassnode, a crypto metric platform, it indicates that 2,068,167 Bitcoins have remained stagnant or lost for over over 10 years, with a total of 18,801,525 circulating supply at the press time.

On the other hand HODLing has skyrocketed to an another milestone 6 month high of 7,145,774.742 BTC. Surprisingly, Bitcoin HODLers are holding on their currency amid a considerable dip in transaction volumes. And hence expect the BTC price to flourish in near future.

Also Read:Ethereum’s Dominance In A Jeopardy, Cardano Price Rally To Go 100X From Here!

The currency amazed its audience this year with its performance, Bitcoin price almost reached $60,000 in February. Due to market fluctuations in May, the price has seen a little dip but quickly recovered. Unlike other cryptos, the strong behaviour of coming back could be the reason that some of the HODLers are not showing interest in making a move. 

Bitcoin’s price followed the strategy of rise and consolidation for the whole August month. BTC price surpassed $50K milestone after  three months countering the crypto crash! The price jumped by 70% in the July end. The currency is trading quite determinedly between $46k and $48k, and metrics indicate that  pushing past $50,000 will result in the BTC price on a bull run.  

On the other hand, the BTC/USD trading pair might fall if it fails to hold its strong support level at $45,000, metrics indicate this is a rare possibility. The most trusted Relative Strength Indicator is at 44.73, indicating a strong consolidation phase. The favourable resistance levels could be found at $50,000, $52000 and $55000. And possible support levels could lie at $42,000, $40,000 and $38,000. The HODLers can hope for higher gains in the near future.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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