Bitcoin Drops to $98,500 Amid Increased Long-Term Holder Selling

Recent on-chain data reveals that Bitcoin long-term holders (LTHs) have increased their selling activity, contributing to BTC's drop below $100,000.

Key Points

LTHs are investors who hold Bitcoin for over 155 days without transacting.
Historically, LTHs are less likely to sell, but current trends show a shift towards selling.
The latest reduction in LTH supply marks another selling wave during the current cycle.
LTH supply growth indicates coins bought five months ago now meet the LTH criteria, not immediate accumulation.
The recent acceleration in LTH distribution comes amid bearish momentum for Bitcoin.
BTC struggled to maintain levels above $100,000 amid this selloff.
The market's future depends on whether new demand can absorb these sales or if it will lead to a prolonged bearish phase.

Currently, Bitcoin is priced at approximately $98,500, reflecting a 3% decrease over the last 24 hours.