☠️ Is Bitcoin entering the death zone? The sell-off of long-term holders and weakening momentum
CryptoQuant analyst Maartunn recently posted on social media X, pointing out that in the past 30 days, long-term holders of Bitcoin (those holding for at least 155 days) have sold 827,783 BTC, worth a total of about $82 billion.
This large-scale selling behavior is particularly noteworthy, especially when compared to the approximately 149,800 BTC purchased by MicroStrategy during this period and the 84,193 BTC inflow from spot Bitcoin ETFs, which together only amount to 30% of what long-term holders sold.
Maartunn noted that despite the massive sell-off pressure from long-term holders in the Bitcoin market, the market still shows strong resilience due to a surge in retail demand reaching an annual high.
However, he also warned that the current increase in selling power and/or net short positions in the market may suggest that market participants are becoming more cautious or bearish, which could affect Bitcoin's price trend.
Meanwhile, 10x Research also expressed views on X, comparing Bitcoin's current market condition to the "death zone" of climbing Mount Everest, a critical phase where risks are heightened.
He also stated that while Bitcoin may not have reached its price peak yet, some indicators show that market momentum is weakening, and he reminded investors to remain highly vigilant.
At the same time, over the past two weeks, Bitcoin's price has fluctuated within a narrower trading range, and last week, after briefly touching the top and bottom of this range, it returned to the middle position, forming a doji candlestick pattern, which is often a signal of market indecision.
Historically, this range-bound oscillation pattern often appears during a brief adjustment phase before a mainstream trend resumes.
Additionally, it is worth noting that cryptocurrency trading volume in South Korea has significantly dropped from $25 billion to $6.7 billion, indicating a marked decrease in market activity.
Finally, do you think these signals mean that Bitcoin's price has peaked? Or will there be more retail demand to support the market?
#比特币市场分析 #长期持有者抛售 #市场动能减弱 #比特币价格趋势