30s Summary

Crypto expert James Check says Bitcoin owners need prices to move out of the low $60,000s to kickstart trading again due to the current low trading activity. Most Bitcoin movements are not for profit or loss in the current stable climate. Veteran Bitcoin holders are making fewer moves, while short-term investors experience unrealized losses owing to the average buying price of $62,426. With Bitcoin’s price potentially breaking free from its range, expert suggestions for investors to patiently confirm the market direction before deciding their next steps.

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Bitcoin (BTC) owners are currently in a confusing state. They need the prices to move out of the low $60,000s to kickstart trading again, says a crypto expert.

“Traders are looking for a new price band to jumpstart buying and selling,” said James Check, the lead analyst at Glassnode, in a post on Oct. 9. He pointed out that the risk of selling Bitcoin is low right now as it’s in an area of low trading activity.

Check then explained that most of the Bitcoin being moved around aren’t being sold for a profit or loss. It usually happens when the price of Bitcoin is stable and experienced traders often wait for clear price movements before deciding their next steps.

As for Bitcoin holders, he stated, “they’re just sitting on their coins.” On Oct. 9, a trader, Daan Crypto Trades, said the best thing to do in such times is to wait for a confirmation of the direction the market is heading. Check agrees with him. “This could either result in a major selling frenzy leading to a lot of fear or a major rally which will get everyone selling for a profit again.”

Interestingly, Check observed that veteran Bitcoin holders, those holding onto their Bitcoins for more than 155 days, are making less moves and those holding for 182 days or longer are pretty much doing nothing.

“Right now, experienced Bitcoin holders are just holding onto their coins. Volumes of coins held for 6 months or more are incredibly quiet,” Check pointed out.

On the other hand, those who’ve held Bitcoin for less than 155 days are currently experiencing an unrealized loss against Bitcoin’s current price.

According to Bitbo data, the average price that these short-term investors bought their Bitcoin at is $62,426.

However, several crypto experts are noticing signs that Bitcoin’s price might break free from its current range soon.

“Bitcoin has broken free from the falling price pattern on the weekly timeframe… Bitcoin’s price is currently being retested, and we may see a bounce back from here,” said Ash Crypto, a cryptocurrency trader.

Also, investor Mike Alfred remarked that “any Bitcoin price movement under $73,500 is basically just background noise. It’s like just loose change jingling in the washing machine.”

Please note, this article does not offer investment advice or suggestions. Every investment and trading move comes with risk, so you should do your own research before making a decision.

Source: Cointelegraph