Bitcoin’s long-term supply dynamics continue to improve and gradually move toward long-term holders, with supply concentrated in the $20,000, $30,000, and $40,000 price range, which tends to correlate with technology and on-chain prices, according to a new analysis by blockchain analytics firm Glassnode. The model is consistent.
Momentum in the short-term suggests that the uptrend is continuing, provided that the realized price and long-term holders realize that the price can hold as a support level.
Longer term, momentum suggests the worst of the capitulation may be over, but markets may take longer to recover as fundamental repairs continue.
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