Bitcoin continued to trade in a narrowed range during U.S. trading hours on Tuesday, while ether reversed Monday’s loss, turning to green. MuyaoShen and DantesOutlook report.
Bitcoin continued to trade in a narrowed range during U.S. trading hours on Tuesday, while ether reversed Monday’s loss, turning to green.
Data from blockchain data firm Glassnode shows that with bitcoin’s little movement, short-term holders are bearing most of the pain, which creates increased sell-side pressure.The realized price, a metric that values each bitcoin at the time when it was last spent on the blockchain, of bitcoin’s short-term holders was trading at roughly $51,400, according to Glassnode vs. $24,400 and $17,700 for the overall market and long-term holders, respectively.
A few other layer 1 tokens also gained on Tuesday: Tokens of smart contract platforms such as Internet Computer, Cosmos, and Celo were among some of the biggest winners of the day, based on data from Messari. “The bull case remains for bitcoin, but it will be a much harder year as many traders will also focus on altcoins,” Edward Moya, senior market analyst at OANDA, the Americas, wrote in his daily market update on Tuesday.Bitcoin was declining toward the $44,000-$45,000 support zone at the time of writing and is roughly flat over the past 24 hours. Indicators suggest a possible price bounce, albeit limited toward the $55,000 resistance level.
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