Bitcoin long-term holders offload 400K BTC: How low can BTC price go?
Long-term Bitcoin holders sold 400,000 BTC recently, coinciding with short-term holder panic selling, while technical analysis suggests a potential drop to $72,000 or even $60,000.Summary
Bitcoin has declined, trading around $104,000, accompanied by significant selling pressure from long-term holders (LTHs) who offloaded over 400,000 BTC, valued at approximately $42.3 billion, in the past month after the price peaked above $126,000. This distribution phase is absorbing selling pressure without a major crash, which some analysts view positively. Simultaneously, short-term holders (STHs) panic-sold about $3 billion worth of BTC at a loss. Technically, the BTC/USD pair is validating a falling wedge pattern, with bulls defending the 50-week Simple Moving Average near $103,300. A weekly close below this level could target $72,000. Furthermore, a bearish divergence between price and the weekly Relative Strength Index (RSI) suggests weakening momentum. Veteran trader Peter Brandt suggested that based on the power law model, Bitcoin could potentially bottom around $60,000.
(Source：Cointelegraph)