Golden Finance reports that Bitfinex analysts say the upward momentum of Bitcoin depends on how to balance the demand from short-term holders (STH) and the supply from long-term holders (LTH). The analysts state that the supply of STH has approached 3.28 million Bitcoins, a level historically associated with the peak regions of bull markets. This indicates that retail interest is rising. However, the increase in profit-taking by long-term holders adds pressure to Bitcoin's upward momentum, which may hinder further increases in Bitcoin's price. Over the past two weeks, the supply entering the Bitcoin market from the LTH group has remained stable, and the lack of spot demand to absorb this supply could lead to further price declines. In simple terms, Bitfinex analysts believe that only if the buying power of short-term holders further absorbs the selling pressure from long-term holders can the price of Bitcoin continue to rise.

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