Bitcoin Price Faces Resistance Despite LTH Supply Surge
- Bitcoin’s price fell below the psychological $75,000 level but has since recovered to approximately $76,490.
- The Bitcoin long-term holder (LTH) supply increased from 15 million to 15.8 million BTC over two days.
- Coinbase moved about 800,000 BTC in November, impacting on-chain datasets and skewing LTH metrics.
- The next major resistance level for Bitcoin is identified at just above $80,000 according to short-term holder (STH) cost basis data.
Despite a recent recovery in Bitcoin’s price, the increase in long-term holder supply may not indicate genuine investor demand due to skewed data from a large Coinbase transaction. This highlights the importance of cautious interpretation of on-chain signals.
As Bitcoin attempts to break through its next resistance level at $80,000, understanding the nuances behind LTH supply changes is crucial for market participants looking to make informed decisions based on current data trends. (Source)
