Bitcoin Market Analysis: HODLers Keep Buying Despite Massive Correction
Bitcoin (BTC) prices appear to be regaining stability over the past few hours, following a heart-wrenching selloff. Panic sales have eased off, and weak hands have left the market.
At press time, the benchmark cryptocurrency trades at +4% from its recent plunge to the $42k area.
The recent correction shaved off about 35% from the cryptocurrency, as analysts assert that this is the worst correction since the current bull cycle began in October 2020. According to findings by on-chain analytics provider Glassnode, this trajectory is similar to the 2017 market correction.
Glassnode revealed in its weekly report that while newbies and weak hands have faltered under the selling pressure and fled, whales and mature hands have continued to “buy the dip.”
The on-chain data provider added that the...
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