As the week drew to a close on September 24, Bitcoin (BTC) stubbornly clung to the $26,500 mark, with exchange traders continuing to accumulate the digital asset.
Data from Cointelegraph Markets Pro and TradingView revealed that BTC’s price exhibited remarkable stability throughout the weekend, remaining unfazed by the macroeconomic turbulence originating from the United States.
Bitcoin had a relatively tranquil conclusion to the Wall Street trading week, as it shrugged off the potential market-moving events in the U.S.
However, market watchers, including the renowned trader and analyst Credible Crypto, anticipated a gradual buildup towards a potential trend shift by closely monitoring the Binance order book.
Credible Crypto shared his insights with subscribers, stating, “It appears that we are not yet poised for significant price movement.
In the meantime, two more blocks of buy orders have been filled, signaling a sustained accumulation phase.
Perhaps the weekend will be slow, and we may start witnessing some notable movement come Monday. Let’s remain watchful.”
A day earlier, another trader, Skew, had expressed hopes for a “liquidity hunt” leading up to the weekly close, though this scenario had yet to materialize at the time of writing.
Additionally, Keith Alan, co-founder of the monitoring platform Material Indicators, detected subtle changes in the order book, notably an increase in buy orders near the spot price.
READ MORE: CBDC Anti-Surveillance State Act Clears Hurdle, Advances to Congressional Vote
Turning to market participation, the well-known trader and analyst CryptoCon identified a significant reduction in speculative activity within the Bitcoin market.
Short-term holders (STHs), defined as those who have held their BTC for 155 days or less, now hold a smaller proportion of the available Bitcoin supply than they have in more than a decade.
Analyzing data from the on-chain analytics firm Glassnode, CryptoCon described these STH holdings as being in a “fine powder” state, indicating a diminished influence on market dynamics.
This shift reflects a growing presence of long-term Bitcoin holders, indicating increased confidence in the cryptocurrency’s enduring value.
It’s worth noting that some STH investors have already faced substantial losses, as previously reported by Cointelegraph.
In summary, Bitcoin’s price remained stable around $26,500 despite limited market cues and macroeconomic uncertainties.
Accumulation by exchange traders persisted, while traders and analysts monitored the potential for a trend shift.
Additionally, the decline in short-term holders and the rise of strong Bitcoin holders underscored a shift in market sentiment toward greater confidence in the digital asset.
Other Stories:
IRM Report Highlights Bitcoin’s Potential as a Driver of Global Energy Transition
Alchemy Pay Secures Key U.S. Money Transmitter License, Expanding Crypto-to-Fiat Services
South Korean City Aims to Become a Leading Blockchain Hub with $75 Million Investment
