Bitcoin long-term holders increase over 880K BTC in 30 days – conviction growth
Bitcoin has surged in the mid- and long-term global tensions
Bitcoin soared to $110,000 just two days ago, reaching an astonishing distance from its all-time high of $112,000. However, geopolitical tensions have intensified, especially after the Israel-Iran conflict, putting the market in a state of risk volatility. Since then, BTC has reviewed to $104,000, down 7% from local highs, but price action remains significantly resilient. Bitcoin continues to trade at levels above key support levels, and a broader trend suggests that the Bulls may still have motivation.
The $112,000 area remains a key level of flipping, as the decisive breakthrough will allow BTC to enter price discovery and issue a new explosion phase throughout the cryptocurrency market. Currently, the market is waiting for confirmation as Bitcoin’s resistance in a high-risk environment is lower than resistance.
Despite volatility, strong chain fundamentals keep investor sentiment intact. According to CryptoQuant CEO Ki Young Ju, long-term holders have added 881,578 BTC to their wallets over the past 30 days, a huge wave of accumulation. The queue is usually composed of experienced investors, which demonstrates confidence in the mid-term trajectory of Bitcoin.
While global uncertainty continues to dominate the headlines, Bitcoin’s ability to maintain a 104K level, coupled with this positive long-term accumulation, suggests that any callback may be short-lived. If the Bulls recover their momentum and recover $110,000, the next stop could be the high field ever. The next few days may define the pace of the rest of the quarter.
BTC found support after sharp rejection of $110,000 resistance
The 4-hour Bitcoin chart shows that the $110K area was met with a huge rejection earlier this week, and then quickly fell to $104K. The price is currently priced just above the key support level of $103,600, and the area previously served as a launch pad in early June. The $109,300 resistance remains a key level to continue its all-time high, but until then, the trend is still vulnerable to downward volatility.
Price action shows the increase in recent sell-offs, which suggests an intensified response by investors to geopolitical tensions arising from the Israel-Iran conflict. But getting rid of the rebound from the $103,600 level shows that the Bulls are defending the region and continue to support it as a key structural.
Now, the convergence of the 50, 100 and 200 segment SMAs is between $106,000 and $106,500, adding confluence to become a short-term resistance group. A clean break above the area may open up a $109,300 retest. But if BTC fails to hold the $103,600 level, the market may revisit the $100,000 psychological mark.
Featured images from DALL-E, charts from TradingView
