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.
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.