Despite recent price volatility, Bitcoin’s fundamental demand shows resilience. Analysis reveals robust accumulation by long-term holders (LTHs) is providing underlying market stability.
Almost 160,000 BTC have been added over the past 30 days exclusively to addresses categorized as LTH wallets, defined as holding coins for over one year. This consistent acquisition reflects a strategy focused on long-term value rather than short-term price swings, effectively absorbing selling pressure.
Bitcoin’s price recently found support just above the $114,000 mark following a sharp decline. Technical indicators show a Relative Strength Index (RSI) reading near 47.8, suggesting a potential stabilization, alongside an On-Balance Volume (OBV) figure of 1.73 million.
However, a noteworthy event introduced caution. A significant transfer occurred involving 1,000 BTC, equivalent to approximately $114.4 million, moving after lying dormant for between 7 and 10 years. Such rare movements of inactive coins often trigger market speculation about potential large-scale sell-offs.
Experts note that while LTH accumulation generally signals confidence and supports price floors, substantial movements from long-inactive wallets can indicate portfolio rebalancing or strategic shifts by whale entities, contributing to near-term market uncertainty despite the broader supportive accumulation trend.