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.

Bitcoin holders keep the faith as price flatlines 1
Chart showing 77% of Bitcoin supply is in profit. Source: Glassnode on Twitter

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.

Bitcoin holders keep the faith as price flatlines 2
Chart comparing on-exchange reserves for Bitcoin and Ethereum. Source: Twitter

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.

Bitcoin holders keep the faith as price flatlines 3
BTC/USD daily chart. Source: TradingView

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.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

Crypto casinos
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin48,343 0.03 % 2.38 % 15.54 %
Ethereum4,074.0 0.80 % 3.29 % 5.04 %
Binance Coin540.09 1.30 % 5.69 % 11.67 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana184.60 2.24 % 7.95 % 7.91 %
Cardano1.300 0.91 % 5.82 % 18.11 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
XRP0.7729 0.76 % 7.84 % 20.06 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Terra62.99 2.34 % 15.28 % 26.05 %

bitcoin
Bitcoin (BTC) $ 48,110.00
ethereum
Ethereum (ETH) $ 4,061.26
binance-coin
Binance Coin (BNB) $ 538.30
tether
Tether (USDT) $ 0.99827
solana
Solana (SOL) $ 185.07
cardano
Cardano (ADA) $ 1.30
usd-coin
USD Coin (USDC) $ 0.998259
xrp
XRP (XRP) $ 0.771285
polkadot
Polkadot (DOT) $ 26.11
terra-luna
Terra (LUNA) $ 61.70