Bitcoin HODL Momentum Drops: Long-Term Conviction Builds
Main Idea
Bitcoin reached a new all-time high above $112,000, with bullish momentum supported by macroeconomic developments and on-chain data, though some analysts caution about potential retracement.
Key Points
1. Bitcoin briefly surpassed $112,000, marking a new all-time high, but faces opposing views on whether it will sustain or retrace.
2. HODL Momentum is trending downward, which is generally a bullish sign indicating long-term holder confidence.
3. Macroeconomic factors, such as U.S. fiscal policy, remain supportive of risk assets like Bitcoin.
4. BTC is holding above key support levels ($109,300), confirming a breakout attempt, but failure to maintain this could lead to a drop toward $106,800 or $103,600.
5. On-chain data shows long-term holders are retaining their positions, suggesting confidence in further price appreciation.
Description
Bitcoin reached a new all-time high yesterday, briefly pushing above the $112,000 mark and confirming bullish sentiment across the market. This move has reignited optimism among investors, with many now eyeing a potential breakout into price discovery. The rally comes as Bitcoin has held strong above key support levels in recent weeks, defying bearish expectations and maintaining upward pressure. However, not everyone is convinced. Some analysts argue that this breakout might be a short-lived fa...
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