Are Long Term Bitcoin Holders Slowly Selling Their Holdings?
Clear signals show that long term holders of Bitcoin are slowly starting to sell their holdings. After the initial relief rally earlier this year in June, the holders profited more compared to the recent times. Long term holders are those who have been holding their crypto assets for more than six months. They appear to be profiting less from this rally compared to short term holders.
Bitcoin Holders Selling Their Holdings?
According to the findings of Crypto Quant, long term Bitcoin holders are profiting less from the current rally compared to the short term investors. Long term holders have been slowly selling their coins, Crypto Quant data found.
“This is shown by the divergence on the chart, in which the fact that long term holders profited more after the initial relief rally in June than at the current $25,300 top.”
Upward Or Downward Movement?
This movement indicates the possibility of a upward or downward trajectory for Bitcoin price. As there is selling pressure, we could see a breakout both downwards and upwards. The Crypto Quant analysts predict a target of $28,000 to $32,000 for the medium term. Also, there is a slight chance that Bitcoin could breach the June price lows.
“On a shorter term, BTC could retest $23,000, but this could happen after getting another rejection from the $19,000s.”
In addition, the Bitcoin miner reserves have been on a downward trend in recent times. For Bitcoin traders, this is not a great sign as it could trigger yet another price drop. Also, the trader community is closely watching the upcoming Ethereum Merge.
Meanwhile, BTC has for the first time in over 30 days dropped to below $20,000 level. As of writing, Bitcoin is trading at $19,938.44, up 0.01% in the last 24 hours, according to price tracking site CoinMarketCap. The last time BTC traded below the $20K range was on 14 July.
- Binance-based Meme Coin GIGGLE Fund Shoots 145% on Exchange Listing News
- ASTER Gets Major Boost as Project Launches Token Buyback Program, Expert Predicts $10 Spike
- Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC Amid Crypto Oversight Push
- First Spot XRP ETF Hits Milestone as CME Flags Institutional Interest
- Can Hype Price Hit $50 After Robinhood Listing?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
