Institutional diamond hands hold Bitcoin tightly, 62,000 yuan may become a new buying benchmark

Related reports point out that compared with the previous bull market, long-term Bitcoin holders are less willing to sell, and a large number of institutions are still hoarding coins in preparation for the next wave of climax. Judging from the current fluctuations, Bitcoin has found support at $62,000. The next support level is $61,000.

After soaring to nearly $65,000 on Monday, Bitcoin began to consolidate in a new range as the enthusiasm for Coinbase's successful listing on the Nasdaq cooled. Relevant reports pointed out that compared with the previous bull market, long-term Bitcoin holders are less willing to sell, and a large number of institutions are still hoarding coins in preparation for the next climax.

Judging from the current fluctuations, Bitcoin has found support at $62,000. The next support level is $61,000. The current resistance level is $63,500. The market has already pulled back 5% and stopped further down to around $62,000. So Bitcoin may still rebound in the short term. According to Bitpush terminal data, as of press time, the price of Bitcoin is $62,752.52, about $1,000 higher than the record of $61,700 in March.

As can be seen from the 24-hour trend chart of Bitpush Terminal, the price of Bitcoin fluctuated in the range of $61,554-$64,863, indicating a large fluctuation range. However, the trading volume has hardly changed, and the total amount remains at $74.8 billion. The total market value is $1.18 trillion, which means that the market dominance is 52.86%. Earlier yesterday, as the market peaked below $65,000, there was another small surge. In the following hours, Bitcoin began to pull back fairly quickly as it fell 5% until it found support near the previous resistance level of $62,000. Further downside was rejected and a new higher low was established at $61,277.

Jeff Ross, CEO of Vailshire Capital Management, also believes that this area is creating conditions for the formation of a new support level, and if successful, Bitcoin will continue to rise. "Healthy retracement of the upper limit of the previous consolidation wedge. Whether from a macro or technical analysis, Bitcoin is bullish, and the current price should converge above about $61,250 and then accumulate power for the next wave of explosion. This is a good opportunity to buy before the next stage of the rise."

Online analyst Rekt Capital believes that this Bitcoin pullback may take longer than in the past few months.

According to a recent report from Glassnode, coins purchased by institutions in late 2020 and early 2021 have begun to settle, exceeding the 155-day threshold, which means they are likely to be held forever. Therefore, the long-term holders' position change indicator is currently trending upward. Once institutional users determine their holding targets, this trend may continue in the next few months. The number of Bitcoins with a coin age between 1 month and 6 months has increased to more than 9.51% of the supply, and there is a clear acceleration trend from three months ago. Currently, Bitcoin purchased in the price range of $10,800-$58,800 accounts for 25.43% of the total supply, and there is no sign of slowing down. This shows the normalization of buying at the top. In fact, the overall shape of these combined HODLers' waves is exactly the same as the price chart, just shifted to the right by 1 month. The message here is that investors and traders have continued to buy Bitcoin during this bull run.