Bitcoin (BTC) Price Surpasses $60,000 as Long-Term Holders Return to the Market

Bitcoin [BTC] successfully surpassed the $60,000 mark, buoyed by increasing confidence among investors and a predominantly bullish sentiment in the market.

output: Bitcoin price has recently crossed the $60,000 mark thanks to the increasing confidence of investors and the dominant bullish trend in the market. It has successfully surpassed.

New buyers as well as long-term holders are re-entering the market, signaling a recovery for the king coin.

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Santiment's data shows that Bitcoin investors are regaining confidence and improving their social volume metrics, especially buy

More specifically, purchasing social volume experienced a significant increase, indicating that buyer interest and activity is rising.

On July 15, purchasing social volume reached approximately 117, with sales during the same period social volume was recorded at approximately 92.

This difference between buying and selling volumes shows that the market trend is currently shifting to buying; because most of the participants prefer to buy rather than sell BTC in this context.

This trend is driven by the perception of upward mobility in the value of Bitcoin, causing FOMO (fear of missing out) by activating traders and investors, and these dynamics often change in price as demand exceeds supply. helping to sustain and accelerate their rise.

Bitcoin welcomes back long-term holders

Recently, Glassnode's data on the net position change metric of Bitcoin's long-term holders provides evidence of the cryptocurrency's current bull trend.

Previously this The metric was negative, indicating long-term holders were reducing their positions. Essentially, the amount they sold was greater than the amount they bought.

This net selling trend continued for most of the month, contributing to a bearish trend among established investors.

Source: Glassnode

But recently there has been a notable change in this dynamic. The trend has reversed and now the metric shows a positive value.

According to the last analysis the net position change is almost 13,000. This positive shift indicates that long-term holders are once again accumulating Bitcoin.

This trend signals their renewed confidence in the potential for further value growth. The accumulation phase is typically a strong bullish signal for experienced investors.

BTC broke $60,000

According to AMBCrypto's analysis of Bitcoin's daily time frame chart, it experienced a significant uptrend on July 15. BTC gained almost 7% to trade at around $64,757. This was also the first time it reached this price level in the month.

It was also the first time in almost a month that Bitcoin broke through its short moving average (yellow line), which has previously acted as a resistance level in this price range.

Source: TradingView

As of this writing, BTC was trading at around $63,400, down more than 2% from its recent peak.

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Despite this slight decline, it remained above its short moving average, which is also in the yellow It shows that the line may now act as a support level.

This shift from resistance to support could indicate further price increases or sustainability of the price increase if Bitcoin maintains its position above this critical threshold.

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