Long-term Bitcoin holders have been taking profits at record levels, with realized gains reaching $1.7 billion daily as older coins re-enter circulation. This significant selling activity signals a shift in market dynamics that could impact Bitcoin’s price trajectory moving forward.
According to analysts, Bitcoin faces a challenging road ahead as long-term holders continue to cash in on their investments. The ongoing sell-off puts considerable pressure on the market, hindering any sustained recovery.
Addressing concerns about the market’s struggles, analyst James Check clarified on Sunday that the failure of crypto markets to rebound was not due to manipulation, paper Bitcoin, or suppression. Instead, he emphasized it is “just good old-fashioned sellers” driving the trend.
Check further explained that the sheer volume of sell-side pressure from existing Bitcoin (BTC) holders remains underappreciated by many. He identified this massive sell-off as “the source of resistance” preventing Bitcoin from gaining momentum at the moment.
As older coins continue to re-enter circulation and long-term holders capitalize on their profits, market participants should prepare for potential volatility in Bitcoin’s price in the near term.
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