Bitcoin LTH Accumulation Dey Rise as Selling Pressure Eases
Bitcoin dey for one critical junction after e set new all-time highs near $124,000, but di breakout above $120,000 never confirm yet. On-chain data show say long-term holders (LTHs) don increase their Bitcoin gathering sharply, with holdings rise from 3.551 million to 5.191 million BTC since April—1.64 million BTC increase. Bitcoin accumulation don pass distribution, as LTH selling dey moderate, with weekly average spend around 20,000 BTC, wey dey far below previous cycle peaks of 40,000–70,000 BTC. Dis easing LTH selling pressure dey show say seasoned investors get strong belief. Technically, Bitcoin dey face resistance around $123,000–$124,000 and e need to break above $125,000 to confirm di bullish trend. Immediate support dey between $116,900 and $117,600, anchored by di 100 and 200 moving averages. Traders suppose watch these key levels well well, as rejection here fit test lower support, while successful breakout fit spark di next leg of di rally.
Bullish
The rise in long-term holder accumulation and the less sell pressure dey historically dey linked to bullish market phases, as experienced investors dey hold instead of distribute, wey dey support price floor. Past cycles get higher LTH distribution wey dey cause correction; current moderate 20,000 BTC weekly spend compared to before 40,000–70,000 BTC dey show strong belief. If price fit break above $125,000 decisively, e go confirm this bullish background. Small term, if e no fit hold $117K support, e fit cause small pullback, but steady accumulation dey show say uptrend fit continue. Overall, easing sell pressure and strong on-chain demand dey support bullish view on Bitcoin.