According to analysts, the future of Bitcoin’s price will be challenging as long long as holders who have held Bitcoin for a long time continue to make profits.
This failure to recover is not the result of paper Bitcoin or suppression. “just good old-fashioned sellers,” said James Check, Sunday analyst
Checked that the volume of pressure on Bitcoin sellers (BTCThe importance of a holder isn’t widely understood, but it has been acknowledged. “the source of resistance” Currently, there is no need to do so.
Analyst shared chart that showed the average age spent coin has risen throughout cycle. This indicates that long-term investors were those who made the most money. selling.
The chart also showed the realization of profits at $1.7 billion daily, while losses reached $430,000,000 per day.
Here is a look at the “revived supply” From older coins, the amount spent per day has reached a second-highest figure of $2.9 billion.
Bitcoin OGs making profits
Will Clemente, Crypto Investor opined The following are some examples of how to use “the last year of relative weakness for BTC has mostly been a transfer of supply from OGs to TradFi,” Onchain data can show you this.
“This dynamic will be mostly irrelevant in the coming years, just as everyone is focused on BTC’s relative weakness.”
Related: John Bollinger says to ‘pay attention soon’ as big move could be imminent
Galaxy Digital Chief Mike Novogratz The sentiment was echoed in an interview Raoul Pal, last week.
“There are a lot of people in the Bitcoin world who had rode this so long and finally decided, ‘I wanna buy something’,” He cited friends who had bought a boat and a part of a sporting team.
“People trimming because they’ve had a great run and we’re just digesting that turnover.”
Novogratz has confirmed that his company is the sole supplier of its products. “old OGs” And miners.
Close holds weekly support
Bitcoin is holding on to its support, with the weekly closing candle of $108,700. according TradingView.
“Continued holding here could see price rally to $120k+ over time. Stability here is absolutely key,” said analyst ‘Rekt Capital’ on Sunday.
At the time this article was written, it had recovered $110,000 but faces greater resistance above that level.
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Source: cointelegraph.com
