Bitcoin Long-Term Holders Offload Over 177k BTC: Is A Price Surge Or Correction Next?

Samuel Edyme

7 months ago

3 mins read

Bitcoin Long-Term Holders Offload Over 177k BTC: Is a Price Surge or Correction Next?

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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’s Long-Term Holders Begins To Cash Out

According to an analysis shared by Crypto analyst Maartunn, long-term holders sold approximately 177,617 BTC within the last seven days.

Based on data from IntoTheBlock, this trend shows a pattern in which Bitcoin’s 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.

Typically, these LTHs, who hold Bitcoin with a longer investment horizon, tend to buy during downturns and sell during price upticks.

Maartunn pointed out that similar patterns were visible during previous bull markets in 2018, 2021, and 2024, indicating a possible strategic response to Bitcoin’s recent price movement.

Bitcoin Long-Term Holders (🔵) Sold 177,617 BTC in the Last 7 Days

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… pic.twitter.com/wiCVdIbf9e

— Maartunn (@JA_Maartun) November 4, 2024

With Bitcoin’s 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.

Bitcoin (BTC) price chart on TradingView — BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Technical Analysis Indicates Key Levels to Watch for Bitcoin

As Bitcoin continues to trade around crucial levels, another prominent analyst, known as CryptoBullet, has shared his outlook on the asset’s recent performance and potential upcoming movements.

Despite Bitcoin’s brief dip below the $70,000 mark, CryptoBullet expressed limited concern, noting that the asset has maintained three weekly closes above a major resistance line, which indicates resilience.

#Bitcoin $BTC

Third weekly close above the Resistance line 👌

Do I care about that wick? Not really. We didn’t sweep the March high so it’s not that dangerous imo.

New ATH is coming anyway 🚀 https://t.co/mVsvJOZMpI pic.twitter.com/sjm4ek9Jsg

— CryptoBullet (@CryptoBullet1) November 4, 2024

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.

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

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.

Featured image created with DALL-E, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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