Bitcoin Holders Trigger Largest Capitulation In Its History, Bearish Horizon For BTC?

Bitcoin follows a rangebound trajectory as the financial world trends to the downside. The first crypto by market cap is moving around critical areas of support as it was rejected from the low $40,000s. Related Reading | TA: Bitcoin Consolidates Below $39k: What Could Trigger Another Decline At the time of writing, BTC’s price trades at $38,500 with a 2% profit in the last 24 hours. The general sentiment in the crypto market trends downside with the price of larger cryptocurrencies. Market participants seem to be expecting Bitcoin to reach the low $20,000s or even lower at the mid area around $10,000. A recent report from on-chain analytics firm Glassnode supports the bearish thesis but points to Bitcoin’s capacity to stay at its current levels. The macro-outlook is pessimistic. This has been reflected in traditional equities. The S&P 500 and the Nasdaq 100 have been trending to the downside with many recording corrections as they failed to meet earnings expectations. Despite the trend, Bitcoin remains at $38,000 and in a range. It is significant that Bitcoin has been able to hold. Especially, as it has been trading in tandem with big tech equities and as Glassnode records an increase in the number of Long-Term Holders selling their BTC. The on-chain analytics firm claims that the cryptocurrency has experienced the largest capitulation from Long Term Holders in its history. These investors are usually the last to sell...