Bitcoin has experienced considerable selling activity from long-term holders (LTHs) over the past week, which has had a notable influence on its market price. Recent analysis indicates that these investors sold approximately 177,617 BTC within a seven-day timeframe. This behavior is not entirely surprising; long-term holders often tend to decrease their investments during market peaks, which can serve as a contrarian indicator. Typically, these investors purchase Bitcoin during market dips and liquidate during price surges.
The recent selling trend among long-term holders could have contributed to Bitcoin ’s price decline below the critical $70,000 level. Historical patterns suggest that this selling behavior aligns with previous bull markets, specifically those seen in 2018, 2021, and 2024. The actions of long-term holders in response to price movements may reflect their strategic approach to managing their investments.
As Bitcoin ’s price corrects and seeks support levels, it appears to have found stability above the $68,000 level. This situation indicates that while there is caution among long-term investors, many maintain an optimistic outlook for potential upward movement in the near future.
On the technical side, analysts are keeping a close eye on vital price levels. After a temporary drop below $70,000, Bitcoin has managed to close above a significant resistance line for three consecutive weeks, signalling underlying resilience in the market. Analysts emphasize the importance of maintaining price levels between $65,000 and $66,000, stating that failure to do so may result in a further decline towards the $60,000 to $61,000 range. However, sentiments around long-term price actions suggest a belief that Bitcoin could eventually rebound and reach new all-time highs after testing these critical support levels.
