Chance of new Bitcoin lows ‘extremely slim’ as long-term holders’ supply tops 15M BTC

Data suggest Bitcoin’s chance of dropping below $60,000 again is slim to none, thanks to longer-term investors holding more than 71% of the asset’s total supply.

The chance of Bitcoin (BTC) falling below $60,000 is “extremely slim,” according to data showing that BTC long-term holders increased their holdings to 71.6% of the total supply. In addition to this data, a key technical signal turned bullish for the first time since February.

Crypto analyst Sykodelic said the possibility of Bitcoin revisiting fresh lows has “become extremely slim” after the weekly relative strength index (RS) retested the 50 level. Historically, Bitcoin has entered long-term expansion phases after the RSI recovered above that threshold following an oversold position. 

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