Despite a $20K drop from last month’s high, Bitcoin long-term holders remain bullish.

Despite a significant price decline, long-term holders have barely reduced their bitcoin investments in recent weeks, according to data from analytics firm Glassnode.

On Monday, the top cryptocurrency by market capitalization failed to break above the $52,000 barrier and fell to $49,300 during European trading hours on Tuesday.

Since the November 2021 highs of over $69,000, bitcoin prices have dropped about $20,000. However, according to analytics, the supply owned by investors has reduced to 13.3 million BTC from 13.4 million BTC, which is a little shift given the significant price drop.

Bitcoin’s absorption by sellers might be positive.

“Such on-chain behavior is more typically observed during bitcoin bear markets, which in hindsight are effectively lengthy periods of coin redistribution from weaker hands, to those with stronger, and longer-term conviction,” explained Glassnode in a Monday newsletter.

Long-term holders are defined by Glassnode as wallet addresses that have held bitcoin for more than 155 days — a timeframe beyond which holders are statistically less likely to spend their bitcoins.

When compared to what investors added in 2021, the current decline in long-term holdings appears to be a rounding error. Since January, long-term holders have added 1.8 million bitcoin to their wallets, while short-term supply has decreased by 1.4 million bitcoin.

According to other data collected by Glassnode, some long-term holders haven’t touched their bitcoin in over five years, with over 23 percent of bitcoin’s 21 million supply remaining undisturbed throughout that time.

Meanwhile, after hitting overbought circumstances last Friday, bitcoin’s Relative Strength Index (RSI), a price-chart indicator, dropped to positive levels in European trading hours on Tuesday. An overbought level indicates that prices are overpriced and may be ripe for a trend reversal or corrective price retreat, according to the tool.

Meanwhile, after hitting overbought circumstances last Friday, bitcoin’s Relative Strength Index (RSI), a price-chart indicator, dropped to positive levels in European trading hours on Tuesday. An overbought level indicates that prices are overpriced and may be ripe for a trend reversal or corrective price retreat, according to the tool.

Despite a significant price decline, long-term holders have barely reduced their bitcoin investments in recent weeks, according to data from analytics firm Glassnode.

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