Here’s Why Bitcoin (BTC) Price Can’t Break Out, According to This Analyst
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- Bitcoin’s rally is meeting resistance as long-term holders (LTHs) have sold 810,000 BTC since July 1
- On-chain analyst Axel Adler Jr. notes this profit-taking is limiting BTC’s upside momentum
- Despite the selling, robust market demand has absorbed the supply, allowing BTC to hit two new ATHs
Bitcoin’s latest rally is hitting significant resistance. According to on-chain analyst Axel Adler Jr., this price ceiling is caused by long-term holders (LTHs) taking profits.
Adler pointed out that LTHs have been actively selling since July 1. The total distribution volume from this cohort has now reached 810,000 BTC. During this same period, their combined holdings dropped from 15.5 million to 14.6 million BTC.
Eventually, the distribution will end, a price discount will emerge, and we’ll see a new phase of LTH accumulation.
— AxelAdler Jr (@AxelAdlerJr) October 31, …
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$ 66.74K
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