This Pattern Has Emerged Three Times Since Late 2023, Triggering BTC Price Corrections

Bitcoin recently dipped below $100,000, falling below the crucial 365-day Simple Moving Average (SMA) at $102,055 and the Exponential Moving Average (EMA) at $99,924, levels that have previously acted as support during the current bull cycle. This selling pressure is attributed to long-term holders (those holding BTC for 155+ days) trimming their positions, with their supply dropping from 14.7 million BTC in July to about 14.4 million BTC now. This pattern of long-term holder selling has emerged three times since late 2023, historically leading to price consolidation or corrections of 10% or more following rallies, with the previous instance occurring after the November 2024 election rally.

(Source：CoinDesk)