Bitcoin surpasses $110,000 once more - This significant mark could determine Bitcoin's ongoing upward trend.
Bitcoin's record-breaking surge to $110,000 marks the third time this cycle that it has hit an all-time high. As the cryptocurrency enters a new price discovery phase, certain selling activities are noticeable, but they remain moderate compared to past cycles.
Long-term holders' spending is at a three-month high, according to Glassnode, indicating that they are gradually executing profit-taking moves. In particular, data from Glassnode revealed a spike in aggregate Bitcoin sales from wallets holding the digital asset for 1 to 5 years. The 3 to 5-year cohort led the way with more than $2 billion in sales, marking the second-highest outflow from this age group this cycle.
However, selling by long-term holders still remains relatively low when compared to previous cycles. For instance, in February 2025, Bitcoin holders for 2 to 3 years sold $5.42 billion worth of BTC, nearly double the current figure. Similarly, in October 2024, Bitcoin holders for 1 to 2 years offloaded $9.25 billion.
Despite the rising selling activity, the number of long-term holders accumulating Bitcoin remains high, with the long-term holder supply net position change remaining positive at approximately 745k BTC. This suggests that long-term holders continue to hold their positions, even as prices reach new highs.
The consistent accumulation by long-term holders might lead to a tighter supply, potentially driving up prices if demand remains strong. Furthermore, their continued commitment to hold during market volatility can reinforce bullish sentiments and support higher price levels.
In light of the current trend, it is likely that Bitcoin could target $120,000 in the short term, assuming that selling pressure does not increase significantly. However, due to the normal market patterns as Bitcoin enters the discovery phase, more aggressive profit-taking could potentially follow.
- Long-term Bitcoin holders, holding the cryptocurrency for 1 to 5 years, have recently shown an increase in selling activities, according to Glassnode, with the 3 to 5-year cohort accounting for more than $2 billion in sales.
- despite the selling activities, the number of long-term Bitcoin holders accumulating Bitcoin remains high, with the long-term holder supply net position change remaining positive at approximately 745k BTC.
- The consistent accumulation by long-term holders might lead to a tighter supply of Bitcoin, potentially driving up prices if demand remains strong.
- As the price of Bitcoin approaches $120,000, continued accumulation by long-term holders and their commitment to hold during market volatility can reinforce bullish sentiments and support higher price levels, but more aggressive profit-taking could potentially follow.
