Bitcoin Faces Resistance as Long-Term Holders Take Profits
- Realized profits from Bitcoin reached $1.7 billion per day, while realized losses were at $430 million daily.
- The average age of spent coins has increased, indicating long-term holders are selling their assets.
- “Revived supply” from older coins hit $2.9 billion per day, marking the second-highest level this cycle.
- Bitcoin’s weekly closing candle was at $108,700, with resistance noted just above this level.
- Analysts suggest that continued support at current levels could lead to a price rally above $120,000 over time.
The ongoing sell-off by long-term holders is contributing significantly to the current resistance in the Bitcoin market, with high profit-taking observed recently. This trend indicates a shift in supply dynamics as older investors realize gains.
As long-term holders continue to take profits, Bitcoin’s price may struggle to maintain upward momentum despite recent support levels around $108,700.(Source)
