Over the last two months, long-term holders have accumulated more Bitcoin, marking the highest accumulation period in the last three years.
continued to demonstrate strength as the crypto market rebounded after a six-month downturn. Long-term holders’ actions are crucial for BTC traders, offering insights into trade timing.
Additionally, these investors, along with new entrants, have collectively purchased over 1 million BTC since from the year 2022. Recently, MSTR issued $1 billion in convertible debt at a low 0.625% interest rate to redeem $500 million of senior secured notes with a 6.125% rate to fund the purchase of Bitcoins.Remarkably, this debt offering also strengthens MicroStrategy’s balance sheet, allowing it to potentially acquire more Bitcoin in the future, even if BTC prices fall.Moreover, BTC’s 3-day MACD has crossed into bullish territory, signaling continued strength as BTC trades above $63K.
This upward momentum suggested that being bearish on BTC at this time may be risky, especially as Bitcoin appears poised to reach new highs.Finally, analyzing Bitcoin’s price performance since its cycle lows revealed that in the last three market cycles, BTC has consistently finished higher in the month of September.
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