Bitcoin price stays near $23K as data shows hodlers not selling BTC

The pair had managed to conserve its trading range over the weekend, with a local low of $22,315 allowing bulls to avoid a major setback.

Gold, too, disappointed those hoping that a retracement would set in after weeks of impressive returns, something analyst Alisdair McLeod put down to classic principles of supply and demand.“While technical analysts point out a correction is due, they seem to be unaware that central banks are buying every ounce they can get their hands on.”

“There are signs this could be the start of the bull, and there are also signs it's a bear market rally. Until I see confirmations, I'm focused on the data that matters so I'll know whether a potential breakout is a justifiable move or a higher probability of being a fakeout,” Keith Alan, co-founder of on-chain data resource Material Indicators,Alan continued noting that one macro trigger in particular still needed to enter to call time on bears.

“Sure, maybe 'this time is different', but I'm looking for full candles above the 200 Week MA to consider it a confirmed breakout.”

Source: Digital Coin News (digitalcoinnews.net)

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