Eyeing An Air-Pocket

There is a supply 'air-pocket' below the current Bitcoin price, which is of particular interest given the volume of sell-side pressure that keeps hitting the market.

G’day Folks,

I hope you’re all enjoying some much needed time away from the charts…

Be honest, how many of you have checked the Bitcoin price each day? It’s a bloody addiction I tell ya. Of course, the market has gone nowhere, and is still trading within this local chopsolidation range established throughout December.

Long-Term Holders are still distributing coins over Christmas, with their aggregate balance now down to a new cyclical low of 12.8M BTC.

This means that over a million coins have been wrapped up and gifted to a new holder since 1-Nov, and yet we’re still floating around up here at $94k. Incredible.

Today, I will provide an update on Bitcoin market conditions, with a focus on how sustained this sell-side pressure is, and a price zone of interest, where Check the HODLer is preparing to stack should we get there.

I will also do a quick refresher on how I track Top Heavy Markets, which is a framework for distinguishing bull market corrections…from the start of a bear.

Live Chart

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📈 Reminder: you can find the charts from our articles on the Checkonchain Charting Website, and a guide in our Charts Tutorial Video.

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