🔥🔥🔥 177,000 $BTC Sold by Long-Term Holders: Will #BitcoinSurge or Face a Price Correction?
Bitcoin has recently seen a significant wave of selling activity among long-term holders (#LTHs ), which has likely contributed to its price correction below the $70,000 mark. Over the past week, these holders offloaded approximately 177,617 BTC, according to crypto analyst Maartunn. Although the exact reason for this sell-off isn’t clear, it appears to be part of a broader pattern among long-term investors who tend to sell during price surges, a behavior often viewed as a "contrarian indicator" in the crypto market.
Maartunn notes that this trend of selling on price upticks and buying during market declines has been evident in past bull markets, including those in 2018, 2021, and 2024. With Bitcoin now rebounding above $68,000, the cautious repositioning of long-term holders suggests they are watching closely for the next price moves.
Key Technical Levels for Bitcoin
- As Bitcoin hovers near crucial support levels, analyst CryptoBullet provided insights into the asset's potential short-term direction. Despite a recent dip below $70,000, CryptoBullet highlighted that Bitcoin has managed three weekly closes above a major resistance line, demonstrating resilience in the current market.
- He notes that while Bitcoin hasn’t yet surpassed its previous high from March, this period of consolidation isn’t necessarily a bearish signal. CryptoBullet identified key support levels between $65,000 and $66,000; if Bitcoin fails to hold these, it may test the $60,000 to $61,000 range. However, he remains optimistic about the long-term outlook, suggesting that after retesting these zones, Bitcoin could resume its #UpwardTrend and potentially reach new all-time highs.
