In its latest analysis, Glassnode, a cryptocurrency research and data analytics firm, examines the attempt of Bitcoin recover from recent lows and reclaim its previous all-time highs. The report highlights the influence different cohorts of Bitcoin holders on the current market dynamics.
Glassnode emphasizes the importance of distinguishing long-term and short-term holders in order to speculate on how the collective market might move. The firm provides an extensive analysis of the broader supply and demand factors underlying the Bitcoin ecosystem using newly created metrics. Their focus is on analyzing the impact that long-term investors (TI), who hold their investments for more than a year, have on the market.
These-term investors, often referred to as “HODLers,” contribute to the strength and sophistication of the market as a whole with their diverse spending patterns.
While Bitcoin has struggled to reclaim its all-time highs, there are signs of recovery. Over the past 24 hours, has shown notable progress after dipping below $59,000. Currently trading above $61000, this positive movement should be considered alongside a 5% decrease in value over one day—a reminder of crypto market volatility.
Crypto analyst Ali Martinez adds his observations about Bitcoin’s Relative Strength Index (RSI) to this narrative. Historically, when Bitcoin’s daily RSI reaches oversold conditions like it is now while trading just below $62
