Bitcoin Faces Pressure as Long-Term Holders Shift to Selling at $118K

Key Points

1. Long-term holders (LTHs), who typically hold Bitcoin for over 155 days, have sold 52,000 BTC since the latest price peak, signaling a shift in behavior.

2. Analyst Axel Adler Jr. noted that LTH supply dropped at the $118,000 level, similar to patterns seen in late 2024, suggesting increased profit-taking as prices rise.

3. CryptoQuant data shows wallets holding BTC for one to three months now have only 13% unrealized profits, down from 69%, indicating reduced short-term gains.

4. Matrixport warned of a potential 'tactical pause' for Bitcoin due to macro events, with August and September historically being weak months for BTC.

5. Bitcoin's price was trading at $118,979, up 0.6%, but momentum has waned after a mid-July surge, and it remains 3.2% below its all-time high.

6. Some analysts, like Rekt Capital, remain bullish, noting a weekly close above $119,200 as a potential breakout signal, while others predict a short-term dip to $114,300.