Bitcoin Hits the Brakes Near $68,000—But Long-Term Holders Aren’t Flinching
Bitcoin is range-bound near $68,000, but long-term holders are showing strong support and accumulation, suggesting resilience.Summary
Bitcoin's price momentum has stalled near $68,000 due to uncertain macro conditions. However, analysis of Long-Term Holders (LTHs) indicates strong underlying support. A significant supply density cluster above $65,000, established during 2024 accumulation, is absorbing selling pressure, suggesting LTHs are not preparing for capitulation.
Despite a recent decline in the LTH Net Unrealized Profit and Loss (NUPL) metric, which historically signals potential capitulation, this cycle appears different due to structural support from spot Bitcoin ETF inflows. Furthermore, HODLer Net Position Change data confirms LTHs are actively accumulating, moving coins into long-term storage rather than distributing.
Currently trading around $68,282, Bitcoin faces resistance at $70,000. While holding the short-term support near $68,342 could lead to a challenge of higher resistance levels, a decisive break below the $65,158 structure could expose BTC to a deeper retracement toward the Realized Price near $58,000.
(Source：BeInCrypto)