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Analysis: Bitcoin Price Touches Key Selling Area, Long-Term Holders Slow Profit-Taking Pace
Summary: According to CoinDesk, Glassnode on-chain data shows that Bitcoin has rebounded to a price range that hindered its rise at the end of last year, with profit-taking behavior by long-term holders significantly slowing down. These 'long-term holders,' who have held Bitcoin for over five months, are currently selling about 12,800 BTC per week for profit-taking, ...
According to CoinDesk, Glassnode on-chain data shows that Bitcoin has rebounded to a price range that hindered its rise at the end of last year, with profit-taking behavior by long-term holders significantly slowing down. These 'long-term holders,' who have held Bitcoin for over five months, are currently selling about 12,800 BTC per week for profit-taking, a pace much lower than the over 100,000 BTC sold per week when the price was above $100,000 last year.
Analysis indicates that this slowdown has reduced resistance to the price rebound, but this price range has suppressed the upward trend several times in the past few months. Any broader trend reversal will still need to first digest the selling by long-term holders. Meanwhile, an escalation in geopolitical tensions may increase market risk aversion, posing downward risks to the Bitcoin price.
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Link: Analysis: Bitcoin Price Touches Key Selling Area, Long-Term Holders Slow Profit-Taking Pace [Copy]
