Bitcoin Faces Distribution Pressure as Long-Term Holders Sell
- Bitcoin is trading just above the $110,000 mark, a critical level for maintaining a bullish structure.
- The LTH Aging Velocity metric is at -1.2%, indicating distribution from long-term holders.
- Approximately another 2% of LTH supply, or around 300,000 BTC, could be distributed soon.
- Price action hovers between the 50 SMA at $111K and the 100 SMA at $114K, forming a resistance zone.
- Strong support has been noted near the $108K region, which has held multiple times during recent volatility.
The market is experiencing selling pressure from long-term holders as indicated by negative LTH Aging Velocity metrics. This redistribution phase could challenge Bitcoin’s ability to maintain its current support levels above $110,000 amid market volatility.
If demand does not match this increased selling pressure, Bitcoin may face further downward movement before stabilizing (Source)
