CandleFocus Bitcoin Long-Term Holders Offload Over 177k BTC: Is A Price Surge Or Correction Next?
2024-11-05
Author: Content Editor
Bitcoin's price has dipped below the $70,000 mark due to significant selling activity from long-term holders (LTH). Around 177,617 BTC were sold by LTHs in the past week, which is seen as a contrarian indicator in the crypto market. This behavior of selling during price increases has been observed in previous bull markets as well. Despite the dip, another analyst believes that Bitcoin has shown resilience by maintaining three weekly closes above a major resistance line. They consider the current consolidation phase as not a cause for concern and highlight price zones between $65,000 and $66,000 as crucial for determining Bitcoin's near-term trend. They remain optimistic about a long-term bullish outcome and expect Bitcoin to eventually reach new all-time highs.
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