Bitcoin stuck to $26,500 into the Sept. 24 weekly close as exchange trader accumulation continued.
Analysis: BTC price “not ready to make a move”
Data from Cointelegraph Markets Pro and TradingView showed BTC price stability holding firm over the weekend.
Bitcoin had delivered a cool end to the Wall Street trading week, having also shaken off macroeconomic volatility catalysts from the United States.
With few cues appearing since, popular trader and analyst Credible Crypto eyed a slow build-up to a trend shift on the Binance order book.
“Looks like we are not ready to make a move yet,” he summarized to X (formerly Twitter) subscribers on the day.
“Meanwhile, two more blocks of bids just filled. The accumulation continues. Maybe we get a slow weekend and start seeing some movement come Monday. Let’s see what tomorrow brings.”
The day prior, fellow trader Skew had hoped for a “liquidity hunt” into the weekly close; this has yet to appear at the time of writing.
Further subtle order book changes were noted by Keith Alan, co-founder of monitoring resource Material Indicators, who spied on bid liquidity moving higher toward spot price.
BTC short-term holder reduced to “fine powder”
Picking up on active Bitcoin market participants, popular trader and analyst CryptoCon noted a major washout of speculators.
Short-term holders (STHs), the cohort of Bitcoin investors who have held their coins for 155 days or less, now control less of the available BTC supply than at any point in over a decade.
Highlighting data from on-chain analytics firm Glassnode, CryptoCon described STH holdings as a “fine powder.”
“In other words, there are more strong Bitcoin holders than ever before!” part of commentary added.
Previously, Cointelegraph reported on the implied losses currently being endured by the remaining STH investors.
