Golden Finance reports that Bitfinex analysts state that 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 indicate that the supply from STH is close to 3.28 million Bitcoins, a level that historically correlates with peak areas of bull markets. This suggests that retail interest is rising. However, the increase in profit-taking by long-term holders puts pressure on Bitcoin's upward momentum, potentially hindering further increases. 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 may 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 continue to rise.

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