Bitcoin Surpasses Key Resistance as Long-Term Holders Tighten Grip
- Bitcoin has broken through a resistance zone between $78,000 and $80,000, now trading at $80,920.
- Long-term holders now control 78.3% of Bitcoin supply, up from the previous cycle’s figure of 74%.
- Approximately 830,000 BTC has shifted from short-term to long-term holders recently.
- Analysts suggest the next resistance target is $90,000, but caution that failure to maintain current support could lead to a pullback toward $68,000 or lower.
- The market remains in a corrective phase below the $97,000 resistance level despite recent rallies.
The shift in Bitcoin ownership towards long-term holders has reduced liquidity and selling pressure during price dips. This dynamic supports higher prices amid steady demand but also increases volatility at key levels like the newly established support zone around $78,000 to $80,000.
With nearly 80% of Bitcoin supply held by long-term investors and significant price movements possible at critical levels, market participants are closely monitoring whether buyers can sustain these gains or if a downturn might occur. (Source)
