Bitcoin has been looking great lately, and the bullish moves seem to continue.
Bitcoin bull market continues
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $64,567.82.
It’s been just revealed that the popular on-chain analyst Will Clemente thinks certain metrics indicate Bitcoin (BTC) is just now entering the main phase of the bull market.
Clemente just said that “long-term holders buy BTC into weakness and sell into strength.”
The analyst noted that long-term holders have just begun to sell more than they buy for the first time in six months.
Here’s what Clemente said in his weekly Blockware Intelligence Newsletter:
“This week we have seen our first red prints in long-term holder net position change. This looks at the 30-day net change in long-term holder supply… This is representative of long-term holders starting to sell into strength.”
He continued and said the following:
“As we have discussed many times: long-term holders buy into weakness (don’t perfectly buy the bottom) and then sell into strength (don’t perfectly sell the top). This is natural bull market behavior; as you can see in 2020 this distribution began in October and peaked out in January of this year.”
Clemente also addressed the balance of Bitcoin on exchanges, and he explained the fact that investors continue to take out BTC from crypto exchanges at a high rate.
“Exchange balances are currently in heavy outflows. Zooming out you can see the clear change in market dynamics following March 2020, as outflows dominated.”
Crypto adoption is going great
The mass adoption of cryptos has been one of the main goals that the crypto space set, and more moves are taking place in this direction.
Now, it’s been just revealed that the movie theater giant AMC is finally accepting Bitcoin (BTC), Ethereum (ETH), and other cryptos as forms of payment after months of anticipation.
AMC CEO Adam Aron took to Twitter this morning to announce the news.
Check out the official announcement below.
Big newsflash! As promised, many new ways NOW to pay online at AMC. We proudly now accept: drumroll, please… Bitcoin, Ethereum, Bitcoin Cash, Litecoin. Also Apple Pay, Google Pay, PayPal. Incredibly, they already account for 14% of our total online transactions! Dogecoin next. pic.twitter.com/a7pqYBm7HB
— Adam Aron (@CEOAdam) November 12, 2021
Stay tuned for more news, and make sure to keep your eyes on the crypto market.