Do long-term Bitcoin investors gradually sell their holdings?

There are obvious signs that long-term Bitcoin investors are beginning to sell their holdings. The holders made more money after the initial relief rally in June of this year compared to more subsequent periods. Those who have held their crypto assets for a longer period of time are known as long term holders. In comparison to short-term investors, they seem to be benefiting less from current rally.

Who Is Selling Their Bitcoin Holdings?

Crypto research indicates that long-term Bitcoin owners are benefiting less from the current rally than short-term investors. According to data, long-term holders have been gradually selling their currencies.

Moving forward or downward?

This movement suggests that the price of bitcoin could move in either an upward or downward direction. Given the selling pressure, both an upward and a downward breakout could occur. For the medium term, the analysts at Crypto Quant forecast a target of $28,000 to $32,000. Additionally, there is a remote possibility that Bitcoin will drop below its June lows.

Additionally, there has been a recent decline in the Bitcoin miner reserves. This is not a good omen for Bitcoin traders because it can lead to another price decline. Additionally, the forthcoming Ethereum Merge is being actively watched by the trading community.

BTC has meanwhile fallen below $20,000 for the first time in more than 30 days. According to price monitoring website CoinGabbar, Bitcoin is currently trading at $19,945, up 0.01% in the previous day. BTC last dropped below the $20K area on July 14th.