Bitcoin Long-term Holders Offload 400k Btc: How Low Can BTC Price Go?

Selling by long-term Bitcoin holders, capitulation by short-term holders and a weakening technical structure could fuel BTC’s price drop to $72K.

Long-term Bitcoin holders have sold 400,000 BTC over the past 30 days.

Short-term Bitcoin holders panic-sell $3 billion in BTC at a loss.

Bitcoin’s rising wedge targets $72,000 price as traders say BTC could drop as low as $60,000.

Bitcoin (BTC) declined on Tuesday, falling more than 3.5% over the last 24 hours to trade at $104,000. This brings the weekly and 30-day losses to 8% and 17%, respectively.

This drawdown has been accompanied by selling from long-term holders, who have offloaded more than 400,000 BTC over the past month.

Bitcoin long-term holders (LTHs), entities holding coins for at least six months without selling, offloaded after the BTC price hit new all-time highs above $126,000 in early October.

Related: Crypto whale who nailed the October crash opens $55M BTC and ETH longs

Analyzing the LTH supply change, CryptoQuant analyst Maartunn said that on a rolling 30-day basis, the supply had decreased by a net 405,00 BTC, worth around $42.3 billion at current market prices as of Tuesday.

This represents “almost 2% of the total supply,” said crypto market commentator TFTC in response to Maartunn’s analysis, adding:

Source: CoinTelegraph