Data from Glassnode shows that long-term Bitcoin holders currently retain 70% of the total supply, or 14,787,265 BTC, according to Coincu. With 69.2% of these holders in a successful position and an average holding period of more than 155 days, this statistic keeps rising. BTC’s price performance has been stabilising, according to TradingView statistics, reaching a monthly high of $26,800 just two days ago.
The Federal Open Market Committee (FOMC) meeting slated for September 20 is being eagerly watched by market experts. The majority of participants believe the Federal Reserve will keep interest rates unchanged, but there may be some shocks during Fed Chair Jerome Powell’s next news conference. Recent statistics on the US consumer price index (CPI) revealed minor increases in both the headline and core inflation, with the core inflation rate remaining below its peak in July 2022. Powell faces a difficult challenge.
Technically speaking, Bitcoin shows a slight trend to the downside, circling around the $26,800 resistance level and just above the $26,500 support. This pattern suggests that a double-top configuration might be possible. Speculation regarding the US Securities and Exchange Commission’s (SEC) approval of a Spot Bitcoin ETF has had a significant impact on Bitcoin’s price swings throughout 2023. However, there haven’t been many upgrades in recent weeks, which might be helping to stabilise Bitcoin’s price right now.