Bitcoin Faces Selling Pressure as New Holders Take Profit
Bitcoin (BTC) is seeing renewed selling pressure as investors who held BTC for 6–12 months are now realizing profits at scale. In just one day, this group sold BTC worth $904 million, accounting for 83% of total daily profit-taking — stalling Bitcoin’s upward momentum.
Meanwhile, long-term holders (holding BTC for over 12 months) have reduced their selling activity. The data shows a sharp drop in profit-taking from this cohort, signaling stronger conviction to hold amid market volatility.
The sell-off from newer holders drove BTC down from $108,990 to around $106,853, pushing it back into a consolidation phase. As long as this selling pressure persists, BTC is expected to trade sideways between $103,000–$105,000.
However, once the newer holders ease off selling, a bullish breakout may become possible. Long-term holders are expected to continue providing market support, helping Bitcoin remain resilient during fluctuations.
As of this post on Wednesday (June 18), BTC is down 2.4% in the last 24 hours, currently trading at $104,927.
📉 Is this just another healthy correction, or a sign of deeper market fear?
🤔 Will long-term holders once again carry Bitcoin through turbulent waters?
⚠️ Disclaimer: Not Financial Advice (NFA). Always Do Your Own Research (DYOR).
ImageSource: Reuters