Bitcoin Long-Term Holders’ Selling Pressure Eases
- On-chain data shows Bitcoin long-term holders (LTHs) have seen a rise in netflow, indicating reduced selling pressure.
- The Bitcoin LTH Net Position Change has been less negative, suggesting easing distribution from seasoned holders.
- Recent attempts by Bitcoin to reach $70,000 have triggered profit-taking, with the price retracing to $68,500.
The recent trend shows that while Bitcoin’s long-term holders continue to sell, the intensity of selling is decreasing as the cryptocurrency stabilizes around current price levels. This change is reflected in the less negative net position change indicator for LTHs.
As Bitcoin’s price fluctuates near significant thresholds like $70,000, it experiences increased profit-taking activity, contributing to its current volatility and affecting market dynamics for long-term investors. (Source)
