Long-Term Holder Confidence in Bitcoin Remains Strong, But Uptrend Confirmation Lacking

Bitcoin's long-term holders are exhibiting minimal selling pressure, but this alone may not be enough to confirm a fresh uptrend, according to on-chain analyst Axel Adler Jr.

Adler highlighted that Bitcoin is currently trading at $64,200, which is 1.3 times the average acquisition cost of $49,400 for long-term holders. This places the asset in a low-risk zone that has persisted for 78 consecutive days, suggesting that these holders are not rushing to exit positions.

The data indicates that long-term holder balances stand at 16.35 million BTC, just 58,000 BTC below the all-time high. These balances have declined on only two days over the past 15 days, signaling a lack of sustained selling pressure.

However, Adler cautions that the supply structure alone is insufficient to conclude that a new uptrend has begun. He emphasizes that further confirmation from demand and price action is required to validate any potential upward movement.