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Is Bitcoin’s failure to recover above $60,000 a sign of trouble
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Thanks to Bitcoin’s invalidation at $60,000, a few investors have been sweating in their seats. Its correction down to $55,600 was expected to be met with immediate recovery. However, over the last 24 hours, it hasn’t managed to lock in a position above $60,000.
In this article, we will be looking at BTC’s market position from a wider, on-chain fundamental and market structure perspective. It will also analyze if it is actually necessary to lose sleep over BTC’s movement.
Source: CryptoQuant.com
According to the attached chart, Bitcoin’s Long-Term holders have hardly broken a sweat over its recent corrections. In fact, data from Cryptoquant revealed little to no deflection in the LTH-SOPR’s value. What this implied was that BTC UTXOs with an
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