Bitcoin Price Hovers Near $80,000 as Long-Term Holders Sell

Bitcoin's recent price action has some investors feeling uncertain about its next move. The asset has been hovering around the $80,000 region for a while now, but with no clear indication of whether it will break through or consolidate further.

Data from CryptoQuant shows that Bitcoin OG Spent Transaction Outputs (STXO) using the 90-day moving average have significantly spiked to 1,500 BTC. This is a group of long-term holders who have kept their assets for more than five years, and when they sell, it can indicate a shift in sentiment.

Senior market analyst Darkfost attributes the recent rally to a consolidation period that has introduced doubt across nearly every type of investor, even seasoned ones like OGs. Other factors could be at play as well, such as the recent Coldcard hack that drove investors to switch private wallets.