This reinforces a market scenario where continuation is improbable absent a price or mood reset and suggests weak marginal demand. In the meantime, Alphractal highlighted that the on-chain data remains very clear.
BTC Short-Term And Long-Term Holders Are Now Facing PressureAccording to Darkfost, this level seems to be an area of interest to these holders, but this is not what is displayed exactly on the chart. The fact that their cost basis has been in an upward trend suggests that more holders have been keeping their coins longer. As the correction evolves, the reaction of long-term holders may play a critical role in determining the next possible direction for the flagship cryptocurrency asset.
