Bitcoin falls back below $50000

Bitcoin launched yesterday's session in upbeat mood and tested $52000 level, however sentiment worsened later in the session and today the most popular cryptocurrency is trading around $49000.Still despite recent sell-off from all-time high around $69000 veteran Bitcoin hodlers are not willing to sell their holdings.

Coin Days Destroyed (CDD) metric from Glassnode shows that the percentage of coins spent by seasoned hodlers remains at extremely low levels. CDD for any given transaction is calculated by taking the number of coins in a transaction and multiplying it by the number of days it has been since those coins were last spent. This provides an alternative to simple volume measurements to determine market trends. Therefore older coins are more “important” than younger ones with a history of active movement. The recent reading shows that those who invest in and hold Bitcoin over multiple years remain extremely calm and expect further price increases.

The most recent sell-off from old-hands came last year as Bitcoin's price broke above the 2017 highs of $ 20,000. Interestingly, even when the price rose to the level of nearly $70,000 it did not trigger any major moves from veteran investors. Therefore, it seems that Bitcoin is mainly sold by new traders. Source: Glassnode

BITCOIN price moved higher during the Christmas period, however buyers failed to break above $52 000 level and price pulled back to support at $49100, which is strengthened by 50.0% Fibonacci retracement of the upward wave launched back in July 2021 and 50 SMA (green line). Should break lower occur, the next target for sellers is located around the $45 680 level which is marked with previous price reactions. Source: xStation5