Bitcoin sits at $9,207, unable to breach the $10,000 threshold that has defined recent trading. The price clings to the $9,200 level without clear momentum to push higher. Peter Schiff ran a Twitter
Bitcoin sits at $9,207, unable to breach the $10,000 threshold that has defined recent trading. The price clings to the $9,200 level without clear momentum to push higher.
Peter Schiff ran a Twitter poll asking whether people would hold Bitcoin even if the price never exceeded $10,000. With 12 hours left in the survey, about 20,000 people had cast votes. Nearly 60% said they would hold, prepared to keep their coins to the grave rather than capitulate.
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The stalled price masks a deeper reality: holders are not selling. Glassnode examined blockchain records and found that 77% of Bitcoin trades above the price holders paid. This marks a 37-percentage-point climb from March 12, when Bitcoin bottomed at $3,800. The scale of profitable positions across the market shapes how traders behave. Over 62% of Bitcoin supply has not changed hands in a year. This shows holders treat their coins as permanent stores of value, not trading instruments.
Rafael Schultze-Kraft, CTO of Glassnode, attributed current weakness to external market forces rather than any flaw in Bitcoin's protocol. The blockchain metrics he analyzed pointed to circumstances beyond Bitcoin's direct control.
The same conviction appears in exchange data. Bitcoin left platforms as traders moved coins into private custody and cold storage. Since March 12, Bitcoin on exchanges has declined. Quant trader Samneet Chepal tracked this movement and noticed Ethereum flowing in the opposite direction, building up on platforms. DeFi protocols and yield farming strategies pulled traders away from plain buy-and-hold positions. That divergence explains why Ethereum continues to accumulate on exchanges.
Bitcoin dominance has climbed to 63.5% from 62%, indicating the top cryptocurrency is outperforming the altcoin market as a whole. If buyers support the current price level, resistance at $9,500 becomes the next test. Above that, $10,450 presents the more substantial technical barrier.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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