Bitcoin price dips amid short-term holder sell-off as BTC tests $102K support
Bitcoin price faces renewed selling pressure as short-term holders transfer 29,400 BTC to exchanges at a loss. Long-term holders have distributed 815,000 BTC over the past month—the highest since January 2024—reflecting standard bull-market profit-taking rather than panic selling. On-chain data from Glassnode show long-term holder profit-taking rising from 12,500 BTC daily in early July to 26,500 BTC now. Whale wallets older than seven years continue processing over 1,000 BTC per hour in steady, staggered transactions. Bitcoin price has fallen 6.11% in 24 hours to about $96,627, testing the critical $102,000 support level. CryptoQuant CEO Ki Young Ju warns that a drop below the $94,000 cost basis of 6–12-month investors could confirm a bear cycle. Alex Adler’s on-chain model identifies deeper correction zones at $87,000 and $74,000 if the 365-day moving average is not reclaimed. Bitwise’s Hunter Horsley adds that Bitcoin ETFs and new market participants have reshaped the cycle. Overall, the dynamics suggest short-term weakness but limited long-term downside.
Bearish
The simultaneous sell-off by short-term holders and record distribution from long-term holders has created clear selling pressure, driving Bitcoin price below key support at $102,000. On-chain metrics and past bull-market patterns indicate this is profit-taking rather than panic, but failure to reclaim the 365-day moving average and risk of breaking the $94,000 cost basis for recent investors suggest short-term bearish momentum. Historically, similar profit realizations have led to consolidation phases and temporary pullbacks before resumed upward trends, indicating limited long-term downside but a likely short-term correction.