Long-term Bitcoin holders took profits at record levels with realized gains hitting $1.7 billion daily as older coins re-entered circulation.
The price of Bitcoin will have a challenging road ahead as long as long-term holders continue to take profits, according to analysts.
The failure of crypto markets to recover was not due to manipulation, paper Bitcoin, or suppression, “just good old-fashioned sellers,” said analyst James Check on Sunday.
Check added that the sheer volume of sell-side pressure from existing Bitcoin (BTC) holders is still not widely appreciated, and that it was “the source of resistance” at the moment.
