Bitcoin's Price Momentum Continues According to a report by Glassnode, Bitcoin has maintained its upward trend despite selling pressure from long-term holders cashing out record profits. Strong demand from new investors has provided support, preventing a market downturn. Selling Pressure from Long-Term Holders Investors who held Bitcoin for 6 to 12 months have sold off, taking profits of $27.3 billion since November. However, short-term holders (STHs) have helped prevent panic selling during market corrections. STHs Act as Market Stabilizers During the September 2022 market downturn, STHs held onto their assets despite large unrealized losses. This helped prevent widespread selling fear and stabilized the market. Market Not Overheated The report highlights that the market has not reached the extreme overheated conditions seen at bull market tops, suggesting potential for further upside growth.

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