Bitcoin "Sell Pressure Alert" Lifted? Glassnode: Long-term Holders' "Selling Power" Weakens

Bitcoin has recently shown strong momentum, returning to a key resistance zone that it has repeatedly struggled with since the end of last year. However, unlike in the past, “long-term holders” do not seem to be rushing to cash out this time. On-chain analytics firm Glassnode pointed out that the profit-taking pace among long-term holders has significantly slowed, adding more room for future market imagination.

According to Glassnode’s definition, “long-term holders” are wallets that have held coins for more than 5 months. Data shows that when Bitcoin reached its peak above $100,000 last year, long-term holders sold over 10 million BTC weekly. Now, that number has sharply decreased to 128,000 BTC per week.

In its latest report, Glassnode analyzed: “This convergence signal indicates that although profit-taking behavior still exists in the market, it is much milder compared to previous collective sell-offs.”

Although selling has slowed, Bitcoin’s path forward is still not smooth. The current price range is in the “historical disaster zone” between $93,000 and $110,000. Since November last year, Bitcoin has attempted multiple structural rebounds, but each time it reaches the lower edge of this zone, it encounters heavy selling pressure, causing any upward movement to vanish.

Glassnode warns:

Every upward attempt has encountered new selling pressure, making it difficult for the price to sustain a structural recovery trend. To truly reverse the major trend, it is still necessary to fully digest the distribution of long-term holders’ positions.