The $108K Wall: Where Long-time Holders Unload Their Bitcoins
Bitcoin's rally stalled near $108,000 resistance due to significant selling pressure from Long-Term Holders (LTHs).Summary
Bitcoin experienced a brief surge past $107,000 following positive news regarding the US government shutdown resolution, but this rally quickly failed near the critical $108,000 resistance level. Analysts, citing Glassnode data, identify the 85th percentile cost basis (~$108.5K) as a major technical hurdle that has flipped from support to resistance. The primary obstacle to a sustained upward move is persistent selling by Long-Term Holders (LTHs), who have liquidated over 371,000 BTC since July, capitalizing on prices well above their low average acquisition cost of $37,915. This LTH selling creates supply friction, evidenced by exchange inflows nearly doubling normal levels, suggesting holders are taking profits even if their conviction is slightly reduced.
(Source：BeInCrypto)