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The last several days have not been kind to Bitcoin, which has lost about 15% of its value. Yesterday, the currency fell below $45k for the first time in 22 days, which should have sparked some bearish sentiment.
However, this is not the case, as Bitcoin has continued to decrease while investor optimism has increased. At the time of publication, the market was setting records in a variety of industries.
Bitcoin investors’ bullishness peaks
Even though at press time the price was at $45,155, there would be some expectation of selling given BTC’s performance the last few days. Instead, more and more Bitcoin is being bought at present, than during the consolidation in August, last week.
At present, addresses holding at least 10 Bitcoin reached a one-month low.
This could indicate that investors withdrew from the market and sold their assets. Except that this is not the case, as daily active addresses have increased by 400k during the month, and new addresses have increased by 200k as well.
This signified that at the time, more Bitcoin was being purchased since addresses’ balances had risen to more than 10 BTC. This was also obvious on exchange positions, which showed that approximately 70k BTC was purchased in the last 10 days. This deal was worth far more than $3.1 billion.
In fact, this narrative hasn’t yet changed. At press time, buy orders are were dominating the market by at least 4.2k BTC ($190 million).
So is there no selling at all?
Nope, there has been so little selling that it is nearly insignificant. Long-term holders are already refusing to sell, despite the fact that 10-year supply has recently reached an all-time high of 2.4 million BTC. Along with them, mid-term investors have taken a step back when it comes to selling.
They have resolutely returned to HODLing, as supplies last spend between 3 and 12 months has reached a 2-month low.
In fact, the buying trend has been so robust that addresses with balances have reached a 4-month high, matching May ATH levels. As a result, the prudent thing to do right now is to purchase Bitcoin as soon as possible.
The Relative Strength Index (RSI) has already reached bearish-neutral territory. This suggests that a price change is imminent, and that buying now will result in large profits afterwards.