Bitcoin Long-Term Holders Accumulate as Price Consolidates

The price of Bitcoin has remained relatively stable in recent days, trading at around $64,400. Despite this consolidation, long-term holders have been adding to their holdings, with a net increase of approximately 380,000 BTC over the past month.

This represents almost 2% of the total supply and suggests that Bitcoin is in a material supply distribution phase, with the price still holding above $60,000. Data from CryptoQuant shows that long-term holders have been selling at a profit, with the LTH-SOPR (Long-Term Holder SOPR) rising back above 1.

This metric indicates renewed long-term profit realization, suggesting that primary buyers are old investors who are confident in Bitcoin's long-term potential. Additionally, spot Bitcoin ETFs have recorded net inflows totaling $381.4 million over the last five trading days, indicating increasing institutional demand.

Analysts have noted that Bitcoin is forming a falling wedge pattern on its weekly chart, which could be a bullish reversal pattern. If the price breaks above $70,000, it would confirm the pattern and clear the path for Bitcoin's rise toward the wedge's target of $120,000, representing a 90% increase from the current price.