The crypto market has been progressively improving since early July despite macroeconomic headwinds. As it temporarily reached the $ 24k milestone, Bitcoin has enjoyed a steady climb over this time. However, after the most recent instance of selling pressure from the long-term holder cohort, as reported by Glassnode, worries are starting to surface.
Long-term Bitcoin investors currently control more than 13.337 million BTC or 79.85% of the total amount in circulation. However, they have released about 222k BTC since the beginning of May, which is equivalent to about 1.6% of their all-time-high holdings.
Officials from the U.S. Federal Reserve mention that additional monetary tightening is to contain inflation, contradicting market expectations that the central bank will scale back rate increases in the near future and turn to ease in 2019. This year, the Fed’s tightening of liquidity has agitated the asset markets.
The pioneering cryptocurrency is now going to be put to the test in the upcoming weeks. The essential test will be if it has the momentum to surpass a crucial ceiling of $24,700.
If it succeeds, bitcoin may go past $25K setting up bulls for a run toward $30K in September.