Bitcoin Consolidation Stirs Selling Pressure Among Long-Term Holders

Bitcoin has been stuck in a consolidation phase, hovering around the $80,000 mark without a clear direction. The recent surge above this level has led to increased spending activity among long-term holders known as OGs.

Data from CryptoQuant shows that these OGs have significantly increased their spending over the past 90 days, with 1,500 Bitcoins moved in this period.

This selling pressure could indicate a weakening of conviction among seasoned investors, who may be taking profits as Bitcoin reaches new local highs.

However, a closer look at Long-Term Holders (LTH) shows that the majority of sell pressure occurred between August 19 and 25, with their Binary Coin Days Destroyed (CDD) dropping from a high of 0.85 to 0.14 since then.