Long-term holders sell off Bitcoin
We delved into the mean coin age (MCA) to reveal the behavioral trends of long-term holders. The MCA reflects the average age of all Bitcoins based on their purchase price, and the current 90-day MCA has continued to rise since June 1. This trend suggests that older Bitcoins are being transferred in large quantities, indicating that long-term holders are selling on a large scale. This continued rise in MCA may lead to further declines in Bitcoin prices and further support the $61,000 forecast. In addition, observing the relative strength index (RSI) on the 4-hour chart, the indicator has been declining. As a momentum oscillator, RSI is often used to judge the overbought or oversold state of an asset. The current RSI of Bitcoin is close to the oversold area, showing that market sentiment may have been extremely panic. This bearish momentum suggests that unless buying pressure suddenly increases, Bitcoin prices may fall further, triggering a round of rebound. However, demand is expected to remain low in the coming weeks, increasing the downward pressure on the market. This situation will undoubtedly trigger strong market volatility and reaction!
In the crypto industry, if you want to seize the next bull market opportunity, you have to have a high-quality circle so that everyone can hold together and maintain insight. If you are alone, looking around and finding no one around, it is actually very difficult to persist in this industry.
