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Top On-Chain Analyst Says Strong Hands Scooping Up Bitcoin in Face of Price Weakness

by Daily Hodl Staff
November 30, 2021
in Bitcoin

Bitcoin (BTC) is moving into the hands of long-term holders amid its weak price action, according to an on-chain analyst at the crypto analytics firm Glassnode.

The pseudonymous analyst TXMC tells his 29,200 Twitter followers that BTC’s illiquid supply, the Bitcoin held by “strong-handed HODLers,” is rising even as the largest crypto asset by market cap struggles below $60,000.

“When strong hands stack during sell-offs, a bullish divergence appears.”

Image
Source: TXMC/Twitter

 

Bitcoin is trading at $57,447.06 at time of writing, up about 0.9% from a week ago.

TXMC is also keeping a close watch on the spent output profit ratio (SOPR) metric, which looks at whether market participants are selling at a profit or a loss.

The on-chain analyst notes that Bitcoin’s spent coin profitability also bounced upwards after hitting a break-even point.

“Spending resets occur in the corrections of macro rallies, as lettuce-handed top buyers are shaken from the tree.

A bounce can hint at upside continuation based on history. Similar bouncing was seen in the 2017 bull run.”

Image
Source: TXMC/Twitter

Fellow on-chain analyst Will Clemente tweets that Bitcoin also had a “nearly textbook bounce” off its bull market support band. However, he’s not positive Bitcoin is ready to turn bullish yet.

“To check our bullish bias though: Still need to reclaim $61,000, still haven’t closed daily yet, and also need to see how legacy markets react tomorrow. Definitely not out of the woods yet.”

Image
Source: Will Clemente/Twitter
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