Bitcoin rejects near $37.5K, on-chain data shows capitulation from short-term holders By Cointelegraph

Bitcoin rejects near $37.5K, on-chain data shows capitulation from short-term holders By Cointelegraph

Bitcoin rejects near $37.5K, on-chain data shows capitulation from short-term holders

started the week off with an abrupt bullish breakout to $37,500, a level some analysts have identified as a crucial ‘line in the sand’, but the rally was short-lived as BTC met selling near the lower arm of the bearish pennant that can be seen on multiple timeframes.

While many traders are concerned that the 2021 bull market is now over and considering whether gains should be locked in, on-chain data shows that long-term Bitcoin (BTC) holders have been accumulating in preparation for a potential 2013-style double-pump that has the potential to elevate BTC to a fresh all-time high.

1-day chart. Source: TradingView
Bitcoin average spent output lifespan. Source: Glassnode
Short-term Bitcoin holder SOPR. Source: Glassnode