Bitcoin is encountering significant selling pressure from long-term holders (LTHs), driving the cryptocurrency toward crucial support levels at $103,700 and $95,600. These thresholds represent the cost basis for most holders and serve as vital indicators for maintaining Bitcoin’s broader uptrend.
Historical patterns suggest potential for recovery despite current headwinds. June has traditionally yielded positive returns for Bitcoin, with a median monthly gain of +2.58% based on past performance. This seasonal trend offers a counterbalance to the ongoing selling activity.
The $103,700 and $95,600 support zones are now pivotal battlegrounds where market sentiment and buyer activity will determine Bitcoin’s near-term trajectory. Should these levels hold, they could reinforce bullish momentum; conversely, sustained breaches may signal deeper corrections.
Market participants are advised to monitor on-chain metrics closely, particularly LTH behavior and accumulation patterns around these support levels. Combining these indicators with seasonal trend analysis may provide strategic insights for navigating the current market phase.