Bitcoin’s market stability is currently underpinned by the resilience of long-term holders, despite a noticeable decline in new buying interest. Analysis indicates the 30-day apparent demand for Bitcoin has been softening since early May, signaling waning investor appetite and hesitation to enter the market at current levels.
This weakening demand is being offset by steadfast behavior from holders possessing between 10 and 100 BTC. The cohort of these long-term holders has grown significantly, reaching nearly 32 million addresses. Their collective resistance to selling pressure provides crucial support, preventing significant downward price movement.
While this balance has fostered relative stability, the situation remains precarious. On-chain metrics reveal subdued selling pressure persists even as demand wanes, reflecting a degree of cautious optimism among existing investors. However, the equilibrium is vulnerable to disruption should fresh demand fail to materialize, potentially triggering heightened volatility.
The market currently exists in a state of muted tension. Participants appear to be awaiting a decisive catalyst capable of breaking the current stalemate and establishing a new price dynamic.