Bitcoin Long-Term Holders Sell Over 177,000 BTC in One Week
Bitcoin has experienced notable selling from long-term holders (LTH) over the past week, contributing to a price correction below $70,000.
Bitcoin’s Long-Term Holders Begin to Cash Out
Crypto analyst Maartunn reported that long-term holders sold approximately 177,617 BTC in the last seven days. Data from IntoTheBlock indicates that this behavior aligns with trends where LTHs reduce their holdings during price increases, often viewed as a contrarian indicator in the crypto market. Typically, these investors acquire Bitcoin during downturns and sell during price upticks. Historical patterns from previous bull markets in 2018, 2021, and 2024 suggest a strategic response to current price movements.
Bitcoin Long-Term Holders (
) Sold 177,617 BTC in the Last 7 Days
This chart displays Balance Changes by Time Held, offering insight into the movement of older Bitcoin. pic.twitter.com/wiCVdIbf9e
— Maartunn (@JA_Maartun) November 4, 2024
With Bitcoin's price recovering above $68,000, the distribution among long-term investors indicates cautious positioning amidst expectations for potential upward movement.
Technical Analysis Indicates Key Levels to Watch for Bitcoin
Analyst CryptoBullet provided insights on Bitcoin’s recent performance. Despite a brief dip below $70,000, he noted that three consecutive weekly closes above a major resistance line demonstrate resilience.
Third weekly close above the Resistance line
Do I care about that wick? Not really. We didn’t sweep the March high so it’s not that dangerous imo.
New ATH is coming anyway
https://t.co/mVsvJOZMpI pic.twitter.com/sjm4ek9Jsg
— CryptoBullet (@CryptoBullet1) November 4, 2024
CryptoBullet highlighted critical price zones between $65,000 and $66,000, which are significant for determining Bitcoin’s near-term trend. If these levels fail to hold, a decline to the $60,000 to $61,000 range may occur. However, he maintains a long-term bullish outlook, suggesting that testing these levels could lead to a resumption of an upward trajectory towards new all-time highs.
Featured image created with DALL-E, Chart from TradingView