{"id":1082,"date":"2024-11-05T06:00:21","date_gmt":"2024-11-05T06:00:21","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/bitcoin-long-term-holders-offload-over-177k-btc-is-a-price-surge-or-correction-next\/"},"modified":"2024-11-05T06:00:21","modified_gmt":"2024-11-05T06:00:21","slug":"bitcoin-long-term-holders-offload-over-177k-btc-is-a-price-surge-or-correction-next","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/bitcoin-long-term-holders-offload-over-177k-btc-is-a-price-surge-or-correction-next\/","title":{"rendered":"Bitcoin Long-Term Holders Offload Over 177k BTC: Is A Price Surge Or Correction Next?"},"content":{"rendered":"

Bitcoin, often influenced by long-term holders’ (LTH) decisions, has witnessed significant selling activity among this investor group over the past week.<\/p>\n

While the reason behind the long-term holders offloading Bitcoin is not certain, the move appears to have impacted BTC, resulting in the recent correction in its price dropping below the $70,000 price mark.<\/p>\n

Bitcoin\u2019s Long-Term Holders Begins To Cash Out<\/h2>\n

According to an analysis<\/a> shared by Crypto analyst Maartunn, long-term holders sold approximately 177,617 BTC within the last seven days.<\/p>\n

Based on data from IntoTheBlock, this trend shows a pattern in which Bitcoin\u2019s long-term investors tend to reduce their holdings during price increases, a behavior often perceived as a “contrarian indicator” in the crypto market, Maartunn reveals.<\/p>\n

Typically, these LTHs, who hold Bitcoin with a longer investment horizon, tend to buy during downturns and sell during price upticks.<\/p>\n

Maartunn pointed out that similar patterns were visible during previous bull markets in 2018, 2021, and 2024, indicating a possible strategic response to Bitcoin\u2019s recent price movement.<\/p>\n

\n

Bitcoin Long-Term Holders (\"\ud83d\udd35\") Sold 177,617 BTC in the Last 7 Days<\/p>\n

This chart displays Balance Changes by Time Held, offering insight into the movement of older Bitcoin. These older coins, referred to as Long-Term Holders (LTH), typically belong to investors with a long-term\u2026 pic.twitter.com\/wiCVdIbf9e<\/a><\/p>\n

\u2014 Maartunn (@JA_Maartun) November 4, 2024<\/a><\/p>\n<\/blockquote>\n

With Bitcoin\u2019s price recovering and returning to levels above $68,000, the distribution of holdings among long-term investors suggests cautious positioning, even as many anticipate a potential upward continuation.<\/p>\n

\"Bitcoin<\/p>\n

Technical Analysis Indicates Key Levels to Watch for Bitcoin<\/h2>\n

As Bitcoin continues to trade around crucial levels, another prominent analyst, known as CryptoBullet, has shared his outlook on the asset\u2019s recent performance and potential upcoming movements.<\/p>\n

Despite Bitcoin\u2019s brief dip below the $70,000 mark, CryptoBullet expressed limited concern, noting<\/a> that the asset has maintained three weekly closes above a major resistance line, which indicates resilience.<\/p>\n

\n

#Bitcoin<\/a> $BTC<\/a><\/p>\n

Third weekly close above the Resistance line \"\ud83d\udc4c\"<\/p>\n

Do I care about that wick? Not really. We didn\u2019t sweep the March high so it\u2019s not that dangerous imo.<\/p>\n

New ATH is coming anyway \"\ud83d\ude80\" https:\/\/t.co\/mVsvJOZMpI<\/a> pic.twitter.com\/sjm4ek9Jsg<\/a><\/p>\n

\u2014 CryptoBullet (@CryptoBullet1) November 4, 2024<\/a><\/p>\n<\/blockquote>\n

According to his analysis, although Bitcoin has not swept past the previous high set in March, the current consolidation phase is not necessarily a cause for concern.<\/p>\n

CryptoBullet further highlighted<\/a> a few significant price zones, particularly between $65,000 and $66,000, which he considers pivotal for determining Bitcoin\u2019s near-term trend. Should Bitcoin fail to hold at these levels, a drop to the $60,000 to $61,000 range could be expected.<\/p>\n

However, he remains optimistic about a long-term bullish outcome, suggesting that once these levels are tested, Bitcoin could resume its upward trajectory and eventually reach new all-time highs.<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin, often influenced by long-term holders’ (LTH) decisions, has witnessed significant selling activity among this investor group over the past week. While the reason behind the long-term holders offloading Bitcoin is not certain, the move appears to have impacted BTC, resulting in the recent correction in its price dropping below the $70,000 price mark. Bitcoin\u2019s…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[245],"tags":[22,247,28,32,36,250,882],"class_list":["post-1082","post","type-post","status-publish","format-standard","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-bitcoin-news","tag-btc","tag-btcusdt","tag-crypto-market","tag-intotheblock"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=1082"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1082\/revisions"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=1082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=1082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=1082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}