The price of bitcoin dances to the rhythm of this behavior of investors

The price of bitcoin (BTC) falls, bounces; then it falls back a bit and rises again. This has been the constant for weeks for the cryptocurrency in the market, which has oscillated continuously in a range between $33,000 and $45,000 between January and today; and even one more closed in recent weeks: between 38,000 and 43,000 dollars per unit.

This has an explanation. Most investors have their entry prices for the asset in these ranges, as the analysis firm Glassnode exposes in its most recent bulletin.

As they expose in their research, recently "a large amount of coin supply has been accumulated again between $38,000 and $45,000, which is the main price range of the current market consolidation"

Looking at the Glassnode charts, we can see that there are around 2 million BTC (more than 10% of the 19 million in circulation) bought or last moved between $35,000 and $42,000. The range remains close to what we have previously reported on CriptoNoticias. In other words, a large number of Bitcoin users bought their cryptocurrencies at a price similar to the one that has been trading in recent days, which could mean that they will defend those prices and that they are not currently reporting millionaire losses.

The figure makes that price area one of the most in-demand today, complemented by investor behavior that Glassnode refers to as "insensitive" to price changes.

Long-term and short-term investor outlook

As for whether short-term and long-term investors are accumulating or selling BTC, Glassnode breaks it down to show how each type of market player is trending towards bitcoin.

According to his estimates, "almost everyone who bought after the ATH [all-time high, around $69,000" is a short-term buyer or owner. That is, they are more speculators than investors. Therefore, "this cohort is more likely to spend their coins in reaction to market volatility." They would sell, in that case, at a loss.

On the contrary, those who have BTC bought before the ATH was fixed are mostly investors who maintain their positions in the long term. The latter would then be less likely to sell their BTC. "This cohort is the least likely to spend their coins, preferring to hoard ahead of the next macro bull market," the researchers allege.