CandleFocus Here's Key Reason Behind Recent Bitcoin Correction
2024-11-28
Author: Content Editor
According to Jan Happel and Yann Allemann, founders of Glasnode, the recent price correction in Bitcoin was primarily caused by long-term holders taking profits. Despite the dip, the behavior of long-term holders suggests that Bitcoin may have already hit a local bottom. Altcoins have been outperforming Bitcoin during the recovery, but the Glassnode cofounders believe that Bitcoin still maintains its market leadership. To confirm a shift in market dominance, a strong break below the Daily SMA 20 is necessary.
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