Bitcoin (BTC) headed lower on Thursday afterwards an attempt to repossess $40,000 failed to garner buyer support.

BTC/USD i-60 minutes candle chart (Bitstamp). Source: TradingView

Accumulation recalls October 2020

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to local lows of $38,700 on Bitstamp, down around 1.5% in several hours.

The largest cryptocurrency had benefited considerably from remarks by Gary Gensler, the new Chair of the Usa Securities and Exchange Committee, on Tuesday, but momentum stalled at the psychologically significant $40,000 mark.

Thursday's dip took away the prospect of flipping the 21-calendar week exponential moving average (EMA) — i of several eyed by analysts this week — as house new support.

Meanwhile, on-chain indicators again assorted with middling BTC toll action. In particular, Th revealed the extent of long-term holder (LTH) Bitcoin accumulation, this reaching new all-time highs: More than of the BTC supply was at present in the easily of LTHs than ever before.

"Previous bull markets were triggered when LTH supply reached between 63.six% and 71.v% although often after many months at these levels," Glassnode, which produced the data, added in comments.

"LTHs currently hold 66% of the $BTC supply."

Proportional long- and brusque-term holder supply chart. Source: Glassnode/Twitter

Traders bullish on Ether after hard fork

On altcoins, Ether (ETH) dominated the conversation amidst bullish forecasts for fresh price gains, while the ETH/BTC pair is headed for its third consecutive green weekly candle.

Related: Altcoins and DeFi tokens push college equally Bitcoin price falters at $40K

Ethereum'southward token could reach new local highs in the coming months later on its latest successful hard fork, analysts forecast as strength against Bitcoin continued.

ETH/BTC hitting 0.0693 on Wednesday, the date of the difficult fork deployment — its highest in nearly two months.

A local resistance signal, the 0.07 BTC level has notwithstanding to reappear since the Bitcoin-inspired market place drawdown began in May.

Withal, among altcoins, ETH has exhibited notable strength against Bitcoin, and its hard fork, London, referred to as Ethereum Improvement Proposal (EIP) 1559, should catalyze performance further.

For the short term, however, a hazard to consolidate recent gains is on the cards, say traders.

"I'm expecting a short-term pinnacle to be happening tomorrow on ETH," Cointelegraph contributor Michaël van de Poppe told Twitter followers Wednesday.

"Healthy correction after EIP-1559 before the heaviest bull run of them all happens."
ETH/BTC 1-day candle chart (Bitstamp). Source: TradingView