Crypto Blog
Bitcoin appears to be struggling to position itself above $60,000. The world’s largest crypto asset by market cap is yet to recover from the fall earlier this week. As a result, its weekly losses compared to the surge last Friday stand at about 10%., bitcoin’s decrease in reserves suggests reduced selling pressure, which could pave the way for a bullish market if demand continues to rise. A significant factor contributing to this decline is the growing trend of self-custody, the report noted.
With fewer bitcoins available on exchanges, liquidity diminishes, thereby making immediate sales less feasible. Such a pattern reflects a market dominated by long-term investors, who are increasingly inclined to hold onto their assets in anticipation of future price appreciation. As a result, the market becomes more resilient, with reduced susceptibility to sudden panic-induced sell-offs., this cohort of bitcoin holders is now controlling 14.82 million BTC, or 75% of the total supply. This growing dominance indicates a strong conviction among investors, who are holding onto their assets despite negative market conditions.The current hash price, which reflects miner profitability, has dropped to its lowest levels, as revealed by the on-chain analytic platform’s other.
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