BTC/USD has not yet sustained a rally, but with only 19% of supply actively traded, prices could rise if weekend volume increases
Bitcoin slipped nearly 2% on Friday morning, bringing its value against the US dollar closer to $9,200.
Over the past 24 hours, support around $9,600 turned into firm resistance as a downturn gave bears momentum and pushed prices lower. After holding up against that pressure, BTC/USD is now positioned for a possible rebound that could push its value back toward the $10,000 area.
In Friday morning trading, BTC/USD dropped below support at $9,400 and slipped under $9,300, reaching a low of $9,229. At the time of writing, Bitcoin was trading at approximately $9,330, trimming losses to about -1.36%.
On the 4-hour chart, Bitcoin’s price has moved below the 100 and 50 simple moving averages, currently near $9,394 and $9,415 respectively. If prices fall beneath $9,200 in subsequent sessions, sellers may try to press through the important $9,000 level during weekend trading.
Buyers have so far defended the $9,300 area to prevent bears from taking full control of momentum. On shorter timeframes, an inverse head-and-shoulders pattern has formed, a structure that often signals a return to bullish momentum for the asset.
In the short term, bulls need to prevent further declines at current price levels to maintain an upward advantage.
On the upside, immediate resistance near $9,426—marked by the 23.6% Fibonacci level on weekly charts—should be the first hurdle. If bulls clear that level, the next target is around $9,619, identified by the 100 SMA on the 4-hour chart and the 161.8% Fibonacci extension on the daily chart.
If sellers re-enter late in the session, bulls can look to support at $9,233 and, below that, $9,137 to absorb downward pressure.
Most Bitcoin is held as a long-term investment
According to a Chainalysis report, around 60% of the roughly 18.6 million bitcoins mined to date are held as long-term investments. The firm’s data indicate that only about 19% of total Bitcoin supply is actively traded by retail participants.
More than 3.7 million bitcoins are believed to be lost forever, while roughly 11.4 million coins have not moved in years and are categorized as long-term holdings. About 3.5 million bitcoins, or roughly 19% of supply, are actively circulated by retail traders. Approximately 2.4 million bitcoins remain unmined.
Meanwhile, on-chain analytics provider Glassnode reports a new record for the number of addresses holding more than 0.1 BTC. Those wallets—largely associated with retail investors—have grown to exceed 3 million, indicating expanded retail participation and broader distribution of Bitcoin ownership.