Bitcoin Faces Selling Pressure Amid Old Coin Redistribution
- Bitcoin is trading over 9% below its all-time high of $124,500.
- The price remains above the $105,000 support zone despite recent selling pressure.
- 7,626 BTC aged between three to five years have moved on-chain, signaling long-term holders releasing coins.
- Current trading level is at $112,409, facing resistance at the $113K level and key moving averages.
- ETFs are absorbing supply but may not fully counterbalance selling pressure from older coins.
Bitcoin’s market dynamics are shifting due to increased movement of old coins and ETF inflows absorbing supply. Despite the selling pressure from long-term holders cashing out, Bitcoin has maintained a price above critical support levels.
The resilience shown by Bitcoin in maintaining its value above $110K highlights the balancing act between institutional demand through ETFs and profit-taking by long-term holders. (Source)
