After a rough couple of months, this week started with a strong upward movement from Bitcoin as the coin broke out above the $45,000 level on Monday to $48,215 before fluctuation, thus erasing yearly losses and anticipating a $50,000 target.
Despite the decline over the year, a large amount of the coin was never sold. A scenario that shows how holders strongly believe in the long-term game and remain surprisingly calm over a period of turmoil.
Building Up To A Rally
Senior Analyst Dylan LeClair noted that, as Bitcoin is trading at around $48,000, “there has only been one other time that the percentage of supply that hadn’t moved in over a year was at this level,” which was during September 2020.
On the mentioned date Bitcoin recovered from the dramatic crash of march 2020. The strong bounceback saw a 185% hike in the prices, taking to coin to over $10,000. A high number of committed ‘hodlers’ had also kept their BTC dormant despite the extreme swings in prices during the year.
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