Bitcoin exhaustion

The price of Bitcoin has been trading sideways for months, and there is little sign of a breakout. This has led to a decline in trading volume and volatility as investors have become bored and apathetic.

On-chain analysis shows that this apathy is not just limited to traders. Long-term holders are also becoming less active, and the supply of Bitcoin held by short-term holders is at a multi-year high. This suggests that many investors are simply waiting for the price to move before they make any decisions.

It is unclear when Bitcoin will break out of this state of apathy. However, it is important to remember that Bitcoin is a long-term investment, and short-term price movements should not be a cause for concern.

Here are some key takeaways from an article on this from GlassNode:

• Bitcoin is trading sideways in a range of $29,000 to $30,000.
• Trading volume and volatility are declining.
• Long-term holders are becoming less active.
• The supply of Bitcoin held by short-term holders is at a multi-year high.
• It is unclear when Bitcoin will break out of this state of apathy.

Overall, the article suggests that Bitcoin is in a state of hibernation. Investors are waiting for the price to move before they make any decisions. This could be a good time to accumulate Bitcoin at a discount, but it is important to be patient and not expect a quick price recovery.