So, Bitcoin had a little bounce – a sort of enthusiastic wiggle – after the US Senate decided not to completely dismantle the government (again). It briefly glanced at $108,000, like a tourist spotting the Eiffel Tower. But then, it got shy and retreated. It’s all terribly complicated, you know.
Apparently, a bunch of people who bought Bitcoin when it cost roughly the price of a decent sandwich (Long-Term Holders, the analysts call them; sounds important) have decided to cash out. Over 370,000 Bitcoins worth! Thatāsā¦ a lot of sandwiches. š„Ŗ
Key Resistance Level Holds Strong (Or, Why Bitcoin Can’t Seem to Decide)
The price did a thing. It went up $2,000 at 1:30 am UTC on Tuesday. This was quite exciting for approximately five minutes, reaching a heady $107,500. Following which it essentially said, “Nah, I’m good,” and wandered back down to $105,500. Itās like a cat with a particularly ambivalent attitude towards boxes.
Apparently, getting past $108,000 is going to beā¦difficult. Glassnode, a platform that makes charts (very important charts š), claims this is its ’85th percentile cost basis’. Which, in human language, means it’s a level where people historically go, “Oh dear, maybe I shouldn’t have.” It previously saved Bitcoin from a bit of a tumble, but now? Now itās just being awkward.
Itās a fascinating example of how technical analysis can be remarkably preciseā¦and yet utterly meaningless. It’s right until it’s not. Like predicting the weather in Britain. ā
Long-Term Holders Maintaining āPeak Spendingā (aka: They’re Taking the Money and Running)
Ali Martinez, a crypto analyst (they all have very serious expressions, usually) points out that these long-term holders are currently in the midst of a spending spree. Theyāve parted ways with 371,584 Bitcoins since July. Which makes you wonder what they’re buying. Yachts? Entire islands? Definitely not more Bitcoin, apparently. š¤
They originally bought this stuff for, on average, about $37,915. Which, let’s be honest, was a steal. But now itās gone up! And people want profits. Shocking, isn’t it? It’s almost as if humans are motivated by…well, you know. Greed.
Apparently, they’re selling so much that inflows to exchanges are ānearly double normal levelsā. Which basically means the market is getting a bit of a supply surplus. And that, in the incredibly complex world of cryptocurrency, is rarely a good thing. It presents a sort ofā¦friction against price going up.
And here’s the really weird bit. A thing called the LTH-SOPR (don’t ask) is going down which usually means less selling. But it doesn’t! Apparently, people are just selling with less enthusiasm. Or maybe theyāre just secretly hoping someone else will buy it at a higher price. Itās all very confusing. š¤·
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2025-11-11 07:56