Bitcoin Long-Term Holders Selling, But Price Holds – New Buyers Stepping In?
Main Idea
Bitcoin's price remains stable despite long-term holders selling, suggesting new buyers are stepping in, though some analysts remain cautious about a near-term breakout.
Key Points
1. Bitcoin (BTC) has been range-bound between $100,000 and $110,000 since May, with no clear directional movement.
2. Long-term holders (LTHs) have been consistently selling their coins, as indicated by Spent Output Age Bands (SOAB) and Binary Coin Days Destroyed (CDD).
3. Despite LTH selling, BTC's price has not broken down, suggesting new buyers are entering the market.
4. Some analysts are skeptical of a near-term breakout, citing signs of bull market fatigue in the Bitcoin MVRV ratio and subdued network activity.
5. At press time, BTC trades at $107,781, down 0.1% over the past 24 hours.
Description
Bitcoin (BTC) has remained range-bound between $100,000 and $110,000 since May, offering few clues about its next directional move. While this sideways price action may be frustrating traders, on-chain indicators suggest there may be more happening beneath the surface. Long-Term Holders Are Selling Bitcoin According to a recent CryptoQuant Quicktake post by contributor Yonsei_dent, long-term holders (LTHs) – those who have held BTC for more than six months – have been consistently selling their ...
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