Bitcoin (BTC) hitting its highest in over a year was different from the 2019 bull run because exchange balances fell, a new report says.
Published on Sep. 21 and seen by Cointelegraph, Delphi Digital’s Bitcoin Outlook highlights unique trends in BTC price action.
Report: Bitcoin hodlers now have “longer time horizons”
According to the three researchers who compiled the report, Bitcoin reaching $12,500 last month had little in common with its run to $13,800 in 2019.
This is because exchange balances at the time increased, while this year, they continued falling despite price rises. As such, overall selling pressure among traders and investors is less this time around.
“Unlike the 2019 price uptrend, which coincided with BTC stock increasing, this current trend has seen a divergence between BTC stock and price,” the researchers argue.
“This suggests a more sustainable move…