As Bitcoin moves up after days of stagnant and subdued returns, the crypto market has finally emerged stronger with renewed strength from traders and investors.
The crypto market has gathered strength in the last 24 hours, putting aside bearish pressure. As Bitcoin moves up to consolidate above $60,000, new price support may form at that level. Meanwhile, the consolidation may need to happen this week to sustain the rally. With the latest recovery, a broader bullish picture has emerged across other tokens as well.
For instance, ETH went up by around 3%, while SOL was trading by 1% in the green. TON was another big gainer on August 14, rallying by over 10%. Tokens like DOT and LINK also registered gains. As a result, overall crypto selling pressures have reduced.
At the same time, a report by a crypto analytics firm has revealed that a significant number of crypto investors have held on to their holdings in the last few months. The period has seen increasing volatility amidst crypto selling pressures, but these investors have reportedly not sold.
The report stated, “Despite the substantial sell-side pressure by LTHs into the market ATH, wealth held by longer-term investors remains historically elevated when compared to previous all-time high breakouts.” Here, LTH refers to long-term holders, while ATH corresponds to an all-time high.
Hence, long-term investors remain steadfast in their support of the crypto market’s sustainability.
BTC/USD 1D price chart
Bitcoin is currently trading at around $60,800 on August 14, 2024, with BTC/USD trading higher by a margin of around 3% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (around 62,000), as BTC’s 24-hour volume was at approximately $28 billion. The global crypto market cap increased by around 2%, trading above $2.1 trillion. BTC’s year-to-date returns are above 45%.
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