According to Odaily, data from Glassnode indicates that long-term holders (LTH) of Bitcoin significantly reduced their holdings in March when the cryptocurrency reached a historic high of $73,000. However, in recent weeks, this selling pressure has noticeably eased, reducing market resistance and providing more room for bullish sentiment.
The data suggests a shift in the behavior of Bitcoin's long-term holders, who appear to be holding onto their assets despite the cryptocurrency's record-breaking price. This could potentially indicate a growing confidence in the future value of Bitcoin, as holders are less inclined to sell even at high prices.
The reduction in selling pressure is also a positive sign for the market, as it reduces the resistance that can prevent prices from rising. With less pressure to sell, there is more room for prices to increase, potentially leading to a more bullish market sentiment. This could be a positive sign for the future of Bitcoin, indicating a potential for further price increases.