Inflation rates in the United States fell to 2.9% year on year in July, compared to forecasts of 3.0%. Inflation indicators influence further decisions of the Federal Reserve System (FRS) regarding the key rate: a slowdown in inflation allows the regulator to lower the rate. This means an easing of monetary policy and, as a result, an increase in economic activity. In this situation, investors begin to invest in risky assets, including cryptocurrencies. In July, the Bitcoin rate reacted with growth to information about a slowdown in inflation.
The Bitcoin (BTC) rate fell by $2.6 thousand and dropped below $59 thousand after the publication of US consumer price index data for July. The price of the leading cryptocurrency fell from $61.5 thousand to $58.9 thousand in 1.5 hours. At 18:00 Hong Kong time on August 14, Bitcoin is trading around $59.3 thousand, the daily decrease in price was 0.5%. During the day, the price of the coin reached $61.5 thousand twice, but has not yet been able to gain a foothold above $60 thousand.
After several months of relatively strong pressure on the price of Bitcoin, the behavior of holders of the main cryptocurrency has shifted towards Hodl and accumulation, Glassnode wrote in an analytical note. While activity in the spot markets indicates a clear skew towards selling pressure, Glassnode believes the behavior of long-term Bitcoin investors indicates a positive price outlook for BTC price.
Since reaching its price peak in March, the market has faced an extended period of Bitcoin moving from old wallets to new ones. However, over the past few weeks, this trend has shown the first signs of a reversal, Glassnode analysts write. This is especially noticeable among large Bitcoin holders, who are often associated with American Bitcoin funds (ETFs).
Let us remind you that Glassnode specializes in analyzing on-chain data of the Bitcoin blockchain. So-called on-chain analytics is a type of research into information obtained from public blockchain networks such as Bitcoin and Ethereum. Blockchain technology is an open register of information with the entire history of transactions, allowing any competent person from anywhere in the world and at any time to “look” at these transactions and draw their own conclusions. Market experts have begun to use on-chain to monitor user transaction behavior, price forecasts, and compare data obtained from other information sources for deeper analytics.
Experts noted that the category of wallets that hold Bitcoin for more than 155 days (assumed to be long-term holders) have changed their behavior. Significant sales observed since March gave way to replenishment of balances. From this we can conclude that the desire of investors to hold on to their coins now prevails, Glassnode analysts wrote. In addition, there was no panic selling during Bitcoin’s decline last week. This may indicate that investors are showing a degree of patience and are waiting for higher prices.
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