Bitcoin - Review as of 28.08.2024

Financial and commodity markets analytics

 

As of today, buyers have not been able to sustain the price above $60,500. However, support was found around $58,000. As long as it remains above the $55,000-$56,000 range, a resumption of growth remains likely.

 

Meanwhile, data indicates confidence among holders who have kept their assets on balance for over 155 days. For the first time, the realized capitalization of long-term holders exceeded $10 billion.

Recent data indicates large holders and those who maintain their assets over a long period of time, regardless of volatility, are accumulating positions. This situation could create preconditions for significant price growth in the future, as any substantially influential news in the media space, provoking sellers to abandon short positions, will trigger purchases amid an increasing supply deficit.