Crypto News

Bitcoin Surges Past $96K As Altcoins Rally, Long-Term Holders Take Profits

Bitcoin’s price has climbed above $96,600, fueling a resurgence in altcoin markets.

As the flagship cryptocurrency inches closer to the $100,000 milestone, long-term holders (LTHs) are capitalizing on the price surge.

Data from Glassnode reveals that LTHs sold approximately 507,000 BTC during this rally, a lower amount compared to the 934,000 BTC sold during the March 2024 price peak. These sales generated a record daily profit of $2.02 billion, with most of the sell-side pressure coming from coins held for 6 months to 1 year.

Trading volumes have surged across the board, with Bitcoin witnessing its highest on-chain activity since May 2021. On November 12, trading volume peaked at 154.92 billion BTC. As November draws to a close, overall crypto trading activity continues to grow, with a 32% increase over the past week. According to Santiment, altcoins are being rapidly traded as profits from Bitcoin’s recent highs are redistributed into speculative assets.

Key On-Chain Insights 

Analysis from IntoTheBlock highlights critical support and resistance levels based on the “In/Out of the Money Around Price” metric.

– Support Zone: $88,247 – $90,906

Around 626,650 BTC are held in profit within this range, making it a strong support level. The current price of $90,979 sits firmly within this zone, reducing the likelihood of significant selling pressure.

– Resistance Zone: $95,437 – $96,914

This range holds 676,300 BTC from 437,710 addresses currently “Out of the Money.” Many of these holders may sell to break even, creating resistance. The average price of $96,109 represents a psychological barrier.

As Bitcoin approaches $100,000, the market remains dynamic, with the Bitcoin spot ETF seeing a $123 million net outflow on November 26. This historic rally continues to drive trading volumes and profit-taking.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: tonktiti//123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *

*