Bitcoin holders keep the faith as price flatlines
As Bitcoin holders continue to hold onto their BTC, price has struggled to break through $10k
Bitcoin’s price continues to struggle around $9,200 and appears like it will remain in this range for the foreseeable future.
However, as much as the market action might be uninspiring, Bitcoin holders who responded to Peter Schiff’s Twitter poll say they are willing to ‘hodl till they die’ if the price never breaks above the increasingly important $10,000 mark.
With around 12 hours left for the poll to expire, around 20,000 people have responded. Of this number, nearly 60% have noted that they are prepared to hodl for as long as they can, including taking their holdings to the grave.
77% of Bitcoin supply currently in profit
The past three weeks have seen Bitcoin bulls struggle to gain momentum despite bullish signals being for well over a month.
According to on-chain data analysis platform Glassnode, the rut is due to external market forces. However, most holders don’t want to sell their Bitcoin — which explains why over 62% of supply has not moved over the past year or so.
Glassnode CTO, Rafael Schultze-Kraft, shared the chart below showing the percentage of Bitcoin not moved over the past year as well as 77% that is currently in a “state of profit”.
It’s an increase of 37% since Bitcoin crashed to its year-to-date low of $3,800 on Black Thursday.
Interestingly, another factor likely pointing to the increased hodling behaviour is the marked reduction in the amount of Bitcoin held on exchanges.
According to Quant trader, Samneet Chepal, on-exchange holdings of Bitcoin have decreased significantly since March 12. In contrast, that of Ethereum has increased steadily — perhaps buoyed by the frenzy observed since DeFi and yield farming hit the crypto market in recent times.
BTC/USD daily price chart
Bitcoin is currently hovering at around $9,207, with trading in the current session seeing price remain within its range.
Notably, Bitcoin’s dominance has risen from around 62% to 63.5%, suggesting the top crypto is pushing hard against altcoins. If bulls manage to hold support above current price levels, the next major resistance is at $9,500 and above that, a retest of $10,450 will be achievable.