The leading cryptocurrency Bitcoin (BTC) has officially remained stable in the past 7 days, experiencing only a 0.1% movement. Although there was a significant acceleration after the recent XRP news, the BTC price returned to its previous position and settled around $30,000. This horizontal trend of BTC price at $30,310 may be seen as a positive signal.
Long-Term BTC Investors
Long-term BTC investors are starting to reemerge, and as the BTC price continues to rise, their numbers are expected to increase. A post by renowned on-chain analyst Philip Swift shows that the behavior exhibited by BTC investors when the bull market arrives is reappearing.
Although the BTC price is currently remaining in a stable range, the analyst stated that long-term investors interpret the situation differently. The analyst examined indicators such as VDD and CDD, which indicate long-term investment, and emphasized that the situation is very favorable.
The VDD indicator measures how long a BTC remains motionless with each movement and compares it with the current BTC price to determine the buying and selling average. The current graph reveals that BTCs that have been inactive for a while are now moving, giving similar signals to previous bull periods.
Previous Investors Activate BTCs
Swift emphasized that there is a significant activity with the movement of older coins indicated by VDD. Currently, VDD is indicating a level of 1.32, and in April 2023, it had risen just below 1.37.
Swift, the leading analyst at Glassnode, indicated a level of 1.52 for LTH and highlighted that ATH slowly reached 1.12 and would return to its previous level.
Despite the horizontal trend of the BTC price, it may soon become active again. $32,000 is a critical signal for BTC, and it was not surpassed during the previous XRP-focused rally. Now, with new signals and a rally, $32,000 can be tested once again.
