BTC Price Launches New Week Under $26k, Major Rally On The Horizon?

BTC price is in the red but fundamental metrics show that long-term holders account for the majority of the supply as STHS capitulate.

BTC price has started the week beneath the critical pivotal level of $26,000 but seems ready to make a significant recovery. Bitcoin erased the gains it had made early last week above $27,000 amid the hype surrounding Grayscale's win against the US

SEC.

Although the agency delayed the decision to either approve or reject seven BTC spot exchange-traded fund (ETF) proposals, experts in the market believe that Grayscale's win could usher in the coveted era of regulated spot ETFs.

Before that investors must prepare to stay profitable despite the dilapidated market structure. Trading at $25,992 on Monday, Bitcoin live price has a higher chance of closing the day above $26,000—a move likely to pave the way for another attempt at achieving gains above $30,000.

What Will It Take For BTC Price To Climb Above $30k?

After being briefly oversold in August,

Bitcoin shows signs of a recovery taking shape this week. The Relative Strength Index (RSI) currently moving toward the mean line (0.00) reveals that buyers have the upper hand.

A break above $26,000 is bound to call more buyers from the sidelines while encouraging traders to book long positions with targets at $28,000 and $30,000, respectively. Meanwhile, highly conservative traders may want to hold on until BTC price rises above $26,000.

Bitcoin fundamental metrics show that long-term holders are accounting for the majority of the supply as short-term holders face capitulation. In other words, they are selling at a loss as prices drop.

According to on-chain data from Glassnode, long-term holders have recently set new records. Moreover, the prevailing dormant BTC supply is at the highest level of all time, approximately 40.5%.

$BTC