Bitcoin Long-Term Holder Holdings Hit Eight-Month Low: Bullish Precursor or Bearish Signal?
Bitcoin's long-term holder (LTH) supply has reached an eight-month low, dropping to 14.3 million BTC, or 71.92% of the circulating supply—levels last seen in April. This decline suggests some LTHs are selling amid recent market pressure, with 761,000 BTC sold in the past 30 days. Historically, such reductions have occurred during retail-driven bull runs or near cycle tops when LTHs take profits.
Technically, Bitcoin has broken below key supports, including the 50-week moving average and a bear flag pattern, with potential further downside toward the $80,000–$84,000 support area. A break below could see a test of the 200-week moving average near $68,500.
While increased selling by whales ($2.78 billion in BTC sold recently) and weak technical indicators suggest short-term bearish momentum, the current LTH supply drop may also present an accumulation opportunity. If history repeats, as it did in April–July when LTH buying helped drive a 65% price surge, this could set the stage for a future rally. Market direction hinges on whether Bitcoin holds the $80k–$84k support zone.
marsbit12/16 10:40
