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

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