Bitcoin Price Not Being Suppressed, Selling by Long-Term Holders, Checkmate Says
Bitcoin (BTC) has been consolidating above $100,000 since the start of May. The only time the price drop below $100,000 was on 22 June, which was a weekend when tensions escalated between Iran and the U.S.
However, due to typically low trading volume over weekends, price action is often less reliable during those periods since crypto is the only industry that trades continuously.
Despite ongoing discussions about public companies acquiring bitcoin globally, on top of the availability of exchange-traded funds in the United States, investors are still wondering why bitcoin has not yet broken to new all-time highs above $112,000.
On-chain data, specifically the revived supply breakdown by age, shows elevated levels of bitcoin being sold by investors who have held their coins for a minimum of 3 years and in some cases for over 10 years.
Analyst Checkmate provided this data and commented, “Look at all this price suppression selling by market manipulators who acquired their coins more than 3 years ago and are definitely not selling for profit in a bull market... Much paper.”
This implies that for every buyer there is a seller, and in a bull market, the higher the price climbs, the more likely the market will find sellers willing to offload their holdings.
Checkmate further added, “Always chopping sideways. Suppression == Boredom.” As bitcoin has been consolidating for some time, this is typically where the narrative of market suppression gains traction. However, the data indicates that persistent selling pressure continues rather than deliberate suppression.
The sustained upward trend of Bitcoin's price rather than suppression, coupled with the sell-off activity from longholding investors as per Checkmate analysis suggests a possible shift in market dynamics towards liquidity amid broader investor sentiments.
The unfettered rise of Bitcoin price, fueled by the decision from long-term holders to mitigate their positions in light markets like Checkmate's indicators suggest a strong market confidence.
The upward trend in Bitcoin's price, unhindered by long-term holders’ selling pressure as Checkmate suggests recently recorded gratitude amongst traders for holding on to their positions.
The unbridled rise in Bitcoin's price, fueled by the absence of suppression and selling pressure from long-term holders as evidenced by recent data analysis conducted under Checkmate lends credibility to its unprecedented bullish momentum - a trend set for further gains.
The recognition that Bitcoin's price is not being artificially suppressed, coupled with the selling pressure from long-term holders as revealed by analysis firm Checkmate Ventures sparks discussions over sustainability and investor sentiment.
The persisting rise in BTC's value, despite claims of long-term holders selling off their assets and efforts to suppress the price market analysis shows a clearfix: Bitcoin independence from Ethereum dominance.
The tides of Bitcoin's price unpredictability seem uncontained, with long-term holders cashing in on gains; Chess match analysis calls for a vigilant study.
The free market's not manipulating Bitcoin prices—long-term holders are the ones dumping coins. As for those calling shots, it looks like checkmating their theories.
