Bitcoin dips to $93,000, falling short of $100,000 target again

Bitcoin, the primary crypto asset has retracted to $93,000 after surging as high as $99,000 a few days ago.

The drop represents the longest losing streak for the crypto asset since the Donald Trump rally began.

The new price of Bitcoin means market watchers and traders will have to wait for longer for Bitcoin to cross the proverbial $100,000 mark.

At the time of report, Bitcoin is still exchanging hands for $93,346 dropping by 5.0% in the last 24 hours.

The price action of Bitcoin as the primary crypto asset always has a ripple effect on other Altcoins. The total crypto market retraced by 3.8% in the last 24 hours.

Despite the current drop in Bitcoin price. Data shows that long-term Bitcoin holders are still in profit and cashing out.

Long-term Bitcoin holders take profit 

During the recent bull run caused by Donald Trump’s election win, Bitcoin surpassed its all-time high several times leading to long-term holders of the crypto asset taking profit. The on-chain activity of these long-term holders increased the selling pressure driving it to its highest since April 2024. The selling activity led to an average of 25.6k BTC per day with investors doing the bulk of the selling.

The current market situation was captured by Glassnode which shared its findings with its X community.

“Things are getting heated! #Bitcoin long-term holders (LTHs) have come out in force, with selling pressure hitting -366K #BTC/month — the highest since April 2024. But who is actually selling? Glassnode Tweeted.

Bitcoin ETF’s absorbing selling pressure from long-term holders

The 12 spot Bitcoin ETFs have been absorbing the selling pressure created by long-term holders selling their BTC assets for profits. The Bitcoin ETF has witnessed an inflow of over $7 billion since the US elections bringing the Bitcoin ETFs to a $105 billion valuation.