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Bitcoin (BTC) reached this Tuesday, November 9, a new historical maximum of USD 68,641 and, nevertheless, long-term holders show very little tendency to sell, which marks an important difference with the 2017-2018 bull rally. As highlighted by CriptoNoticias, this week’s all-time high coincided with a minimum level of BTC balance on exchanges.
In addition to several factors that had driven the price to maximum values, commented on by this means on Monday 8, as the fall in the yield of bonds and world inflation, among other factors, the supply shock was added, to contribute to the new maximum of last Tuesday .
The rally of 2017 was marked by speculative movements that were reflected in an intensive period of sales, while in the current cycle the flow of BTC leaving the exchanges is maintained, despite the recent highs in price. There are currently around 2.4 million BTC on exchanges, as can be seen in the following graph.
This decline in BTC available in the market suggests that holders “with strong hands”, or with little willingness to sell, have expectations that the bullish cycle is still valid.
After registering another historical high of USD 68,543, this past Thursday, the price of bitcoin entered a sharp correction phase, which was attributed to the movement of 2,207 BTC from an address that remained inactive for more than d e 8 years. This movement caused a 6% drop in the price, which was reported by this medium. Since then the price has been lateralizing with a downward trend and is, at the time of writing this article, at USD 65,990, as can be seen in the CryptoNews Price Calculator.
In coincidence with the outgoing flows of BTC from exchanges, long-term holders (LTH) continue to retain the acquired coins, as they register a low percentage of sales.
According to a Glassnode report commented by CriptoNoticias last Friday, November 12, the LTHs have sold only 7.3% of the BTC they had at a time when the price exceeded USD 66,000 , on October 20. On that date there was the highest value of BTC held by LTH, 81.5% of the bitcoin supply.