The Long-Term Holder (LTH) Binary Spending Indicator, which tracks the intensity of selling by long-term Bitcoin holders, showed a significant and sustained decline in the LTH supply leading up to the $73,000 all-time high in March. This indicated that long-term holders were actively distributing their holdings during the price rally, creating selling pressure. However, in the last few weeks, this distribution pressure has eased off markedly, suggesting that long-term holders are no longer aggressively selling at the current price levels. This reduction in selling by long-term holders gives the bulls more breathing room and lessens the overall resistance in the market.