Bitcoin Long-Term Holders Pile on the Accumulation Pressure

Bitcoin's price has remained relatively stable over the past two months, trading between $60,000 and $65,000. However, during this period, long-term holders have been accumulating Bitcoin, adding approximately 380,000 coins to their holdings, worth around $24.3 billion at current market prices.

This represents almost 2% of the total supply, indicating a significant shift in the distribution of Bitcoin's supply. The Long-Term Holder SOPR (LTH-SOPR) metric has also risen above 1, suggesting that long-term holders are selling at a profit, with primary buyers being old investors who are convinced of Bitcoin's long-term potential.

Analysts believe that this accumulation phase may be followed by a sustained uptrend. The weekly chart shows Bitcoin trading within a falling wedge pattern, which is typically a bullish reversal sign. If the price breaks above $70,000, it could clear the path for Bitcoin to rise towards its target of $120,000, representing a 90% increase from the current price.

However, some analysts are cautioning that selling pressure may intensify as the price approaches the point of breakdown. The BTC Risk Index has climbed to 58, signaling increased selling pressure.