Months More Bitcoin Consolidation Expected as Long-term Holder Activity Decreases
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Bitcoin slipped back below $70,000 in early Wednesday trading after failing to sustain a move above $70,000, returning to the middle of a five‑week range-bound channel. CryptoQuant analyst 'Darkfost' reports long-term holder activity has fallen sharply to levels typical of bear markets, signaling reduced long-term demand and higher downside risk for crypto markets, adoption and market stability.
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Bitcoin didn’t remain above $70,000 for long and has fallen back below it in early trading on Wednesday morning. Resistance was too strong, and it has returned to the middle of its five-week range-bound channel.
Long-term holder activity has decreased significantly, declining to levels typically seen during bear markets, according to CryptoQuant analyst ‘Darkfost’ on X on Wednesday.
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