$BTC

Why might long-term holders of Bitcoin (BTC) hold its price below $100,000?

Bitcoin (BTC) is facing resistance at $101,509, with long-term holders (LTHs) contributing to the price consolidation through profit-taking.

The Net Holder Position Change indicator is showing negative readings, indicating that long-term holders are selling more, putting downward pressure on Bitcoin.

BTC could remain below $100,000 unless long-term holders resume accumulating, which could lead to a rally to its all-time high of $103,647.

Bitcoin price has been trading in a tight range since hitting its all-time high of $103,647 on December 5. It has since faced resistance at $101,509 and found support at $94,306.

Currently trading around $98,000, the leading coin may struggle to break the $100,000 price barrier at the moment. This analysis delves into the reasons behind this resistance.

Long-term Bitcoin Holders Gain

Negative readings from Bitcoin’s Net Holder Position Change confirm that long-term holders (LTHs) have been actively selling their holdings, which could contribute to price consolidation. According to Glassnode data, on November 10, the metric’s value dropped to a five-month low of -112,471 BTC.