Bitcoin’s next rally will start once OGs finish selling: Analysts

Analysts indicate that Bitcoin's price faces resistance because long-term holders (OGs) are actively selling and realizing significant profits, with realized gains hitting $1.7 billion daily. Analyst James Check noted that the sell-side pressure from these existing holders is the primary source of current resistance, evidenced by the increasing average age of spent coins and high realized profit levels. Crypto investor Will Clemente views this weakness as a transfer of supply from OGs to traditional finance (TradFi). Galaxy Digital CEO Mike Novogratz echoed this, stating that many long-term holders are finally taking profits after a great run. For a rally to commence, this turnover needs to digest, though Bitcoin is currently holding key weekly support around $108,700, with analysts suggesting stability here could eventually lead to prices exceeding $120k.

(Source：Cointelegraph)