Bitcoin saw a massive price movement around $ 44,000 on the 13th after a fake press release indicated that US retail giant Walmart has partnered with Litecoin (LTC). The news was later denied by Walmart stating they had no prior knowledge of the fake release.
Bitcoin had reached a single-day peak of $46,616 as a result of the fake press, before falling to $43,485. At the time of writing, Bitcoin was trading at $45,847(14 Sept. 10:15 AM UTC) with a 24-hour price change of +2.85%.
In another news, business intelligence company MicroStrategy announced the additional purchase of 5050 BTC, taking the company’s total Bitcoin holding to 114,042. The announcement was made by MicroStrategy CEO Micheal Saylor.
The last week’s decline did not seem to waver long-term Bitcoin holders (LTH) as large purchases of BTC occurred just between the $29,000 and $50,000 price levels. According to cryptocurrency firm Glassnode, long-term holders are those buyers who hold Bitcoin for around 155 days.
In a blog post issued on the 13th, the firm noted:
“We can also see that LTH owned supply has reached 79.5% of all BTC coins this week, which is equivalent to the level reached in October, prior to the bull market kicking off. In fact, on an absolute coin volume basis, LTHs currently own the most coins in history, hitting 12.97M BTC this week.”
The firm explained that peaks in LTH-owned supply typically correlate with late-stage bear markets. This has historically resulted in supply squeeze and initiation of cyclical bull runs.
On the other hand, Short-term Bitcoin holders are selling their Bitcoins at a loss which might indicate a bullish sign. Market data analyst CryptoQuant remarked:
“Historically, when short term traders were selling their Bitcoin at a “loss”, it has been a good time to buy for maximum profits.”
“When short term hodlers are in disbelief and unloading their bags that’s an indication of a start the next bull run.”