According to a ChainCatcher report citing CoinDesk, on-chain data from Glassnode shows that Bitcoin has rebounded to a price range that previously hindered its upward movement at the end of last year. Profit-taking activity by long-term holders has significantly slowed. These "long-term holders," who have held Bitcoin for more than five months, are currently selling approximately 12,800 BTC per week to take profits, a pace much lower than the over 100,000 BTC per week sold during the period when prices were above $100,000. Analysts note that this slowdown reduces resistance to the price rebound, but this price zone has repeatedly suppressed upward momentum in recent months. A broader trend reversal will still need to first absorb the selling pressure from long-term holders. Meanwhile, the escalation of geopolitical tensions could heighten market risk-aversion, potentially posing a downside risk to Bitcoin's price.
Bitcoin Price Reaches Key Sell Zone, Long-Term Holders Slow Profit-Taking
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Summary
According to Glassnode on-chain data, the Bitcoin price today has rebounded to a key resistance level observed at the end of the year. Long-term holders, who have held Bitcoin for more than five months, are now selling approximately 12,800 BTC per week, a significant decrease from over 100,000 BTC per week when Bitcoin's price was above $100,000. The slower pace of profit-taking has reduced upward pressure, but this same price zone has repeatedly limited gains in recent months. Analysts suggest that any sustained reversal must first absorb the selling pressure from long-term holders. Rising geopolitical tensions could also drive investors toward safer assets, increasing the downside risks for the BTC price.
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