Bitcoin, heavily influenced by long-term holders’ (LTH) decisions, has experienced significant selling activity within this investor group over the past week. The precise reasoning behind this offloading of Bitcoin remains uncertain, but the move appears to have impacted BTC, causing a recent price correction that brought its value below the $70,000 mark.
In an analysis shared by crypto analyst Maartunn, it was revealed that long-term holders sold approximately 177,617 BTC within the last seven days. This trend, based on data from IntoTheBlock, reveals a pattern where Bitcoin’s long-term investors tend to reduce their holdings during price increases, a behavior often perceived as a “contrarian indicator” in the crypto market. Typically, these long-term holders, who maintain Bitcoin with a longer investment horizon, buy during downturns and sell during price upticks. Maartunn noted that similar patterns were visible during bull markets in 2018, 2021, and 2024, indicating a strategic response to Bitcoin’s recent price movement.
With Bitcoin’s price recovering to levels above $68,000, the distribution of holdings among long-term investors suggests cautious positioning, even as many anticipate a potential upward continuation. As Bitcoin continues to trade around crucial levels, another prominent analyst, known as CryptoBullet, shared his outlook on the asset’s recent performance and potential upcoming movements. Despite Bitcoin’s brief dip below the $70,000 mark, CryptoBullet expressed limited concern, noting that the asset has maintained three weekly closes above a major resistance line, which indicates resilience. According to his analysis, although Bitcoin has not exceeded the previous high set in March, the current consolidation phase is not necessarily cause for concern.
CryptoBullet highlighted a few significant price zones, particularly between $65,000 and $66,000, which he considers pivotal for determining Bitcoin’s near-term trend. Should Bitcoin fail to hold at these levels, a drop to the $60,000 to $61,000 range could be expected. Nonetheless, he remains optimistic about a long-term bullish outcome, suggesting that once these levels are tested, Bitcoin could resume its upward trajectory and eventually reach new all-time highs.
