Over 50% of Bitcoin Supply Unmoved for Two Years

Bitcoin Supply Remains Unchanged

Recent data indicates that over 50% of Bitcoin's supply has remained untouched for more than two years. This suggests strong long-term conviction among holders despite recent volatility. The tightening supply highlights a growing trend of investors holding onto their Bitcoin, undeterred by short-term market changes.

Bitcoin Price Fluctuations

Bitcoin's price experienced a slight decline, currently standing at $29,261.97. Despite this drop, Bitcoin's weekly performance remains positive, with a growth of 6%. The cryptocurrency reached a daily high of $29,411.23 but struggled to maintain this level, reflecting reduced trading activity. The 24-hour trading volume dropped significantly by 37.04%, totaling approximately $10.27 billion.

Technical Analysis and Market Sentiment

The price of Bitcoin is resting on the 9-day EMA line after encountering resistance at $29,700. A further decline could see support at the $28,800 level, with a potential target of $27,800 if this support fails. However, a recent crossover of the 9-day EMA above the 20-day EMA may indicate a potential upward trend, suggesting a possible bullish sentiment.

Anticipation of FED Interest Rate Decision

Traders are cautiously monitoring the upcoming FED interest rate decision, which has historically influenced Bitcoin's price movements. This anticipation may account for the recent lackluster trading behavior. As traders await this crucial economic data, market volatility could increase, impacting Bitcoin and the broader cryptocurrency market.

In summary, while Bitcoin's price faces short-term challenges, the significant portion of its supply remaining unmoved showcases investor confidence in its long-term potential.