Mass Sell-Off: Long-Term BTC Holders Trigger Price Fears

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Selling by long-term Bitcoin holders, capitulation by short-term holders and a weakening technical structure could fuel BTC’s price drop to $72K.

Long-term Bitcoin holders have sold 400,000 BTC over the past 30 days.

Short-term Bitcoin holders panic-sell $3 billion in BTC at a loss.

Bitcoin’s rising wedge targets $72,000 price as traders say BTC could drop as low as $60,000.

Bitcoin declined on Tuesday, falling more than 3.5% over the last 24 hours to trade at $104,000. This brings the weekly and 30-day losses to 8% and 17%, respectively.

This drawdown has been accompanied by selling from long-term holders, who have offloaded more than 400,000 BTC over the past month.


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