- Our dear BTC has made a modest ascent over the past day, rising by a mere 1.02%.
- Long-term holders of Bitcoin have, in a most curious turn of events, reduced their selling by 60% as they cast their hopeful gazes towards the lofty $120k.
It is with a mixture of astonishment and amusement that we observe Bitcoin’s [BTC] struggle to reclaim its former glories. Yet, the long-term holders, those steadfast souls, remain in profit. Despite their fortunes being intact, they have chosen to curtail their profit-taking, as noted by the astute Axel Adler.
In his most enlightening analysis, Mr. Adler has discerned that these long-term holders have diminished their expenditures by a staggering 60% compared to the $90-100k range. At present, this translates to a reduction of 40k BTC per day. Quite the spectacle, is it not?
This curious behavior indicates that our long-term investors are clutching their Bitcoin with a fervor that suggests a burgeoning confidence in future price elevations. How delightful!
This shift in sentiment among the long-term holders is indeed significant. With fewer coins entering the market, the selling pressure diminishes, much like the dwindling attendance at a ball when the clock strikes midnight.
With this reduced selling pressure between the $90-100K mark, our long-term holders now set their sights on the illustrious $120K before they consider parting with their precious assets once more.
At this price point, one can only imagine the jubilation of the long-term holders, for they would have secured a most impressive 500% profit on their Bitcoin investments. Thus, despite the market’s current temperament, the allure of rising profit margins may indeed tempt them to sell.
Should BTC reach the fabled $120K, we might witness a veritable deluge of selling pressure as these long-term holders begin to take their well-deserved profits. Oh, the drama!
What BTC Charts Suggest
As we have observed, the long-term holders of Bitcoin have indeed curtailed their selling. This trend is most evident as the Long-Term Holder SOPR has plummeted from a high of 5.7 to a mere 2.7 over the past ten days. How the mighty have fallen!
While our long-term holders (LTHs) continue to sell at a 2x cost basis, their enthusiasm for selling has waned. Previously, BTC traded above the $100K threshold, with LTH SOPR remaining above 2.5 but below 3. A most curious state of affairs!
If the SOPR continues its ascent and surpasses the 3 mark, we may observe a resurgence in profit-taking behavior, leading to potential price declines. How thrilling!
Moreover, Bitcoin’s Mayer Multiple has descended to 1.2, indicating that BTC is trading near its 200-DMA, which is within its fair value. A most reasonable position, one might say.
When Mayer’s Multiple is in such a moderate state, long-term holders tend to reduce their accumulation, yet they remain resolute in their holdings.
Thus, the current price level presents a more favorable opportunity for our long-term holders to accumulate rather than to sell. How wise!
Bitcoin’s Large Holders Netflow to Exchange Netflow Ratio has diminished from 5.59% to a mere 0.92% over the past fortnight. A rather telling decline!
This reduction implies that large holders are transferring less of their BTC holdings to exchanges, indicating a reluctance to sell. How intriguing!
As most whales are also long-term holders who accumulate during bear markets and sell in bull markets, this reflects a notable decrease in profit-taking behavior from this esteemed group.
In conclusion, the prevailing
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2025-02-21 20:11