Bitcoin Struggles Above $100,000 Amid Long-Term Holder Selling

Bitcoin has been consolidating above $100,000 since the start of May, with the only significant drop below this threshold occurring on June 22 due to heightened tensions between Iran and the U.S. However, the reliability of price action during weekends is often questionable due to typically low trading volume, as crypto is the only industry that trades continuously.

Despite strong institutional interest and the availability of exchange-traded funds in the United States, Bitcoin has struggled to break new highs above $112,000. On-chain data reveals elevated levels of Bitcoin being sold by long-term holders, specifically those who have held their coins for a minimum of 3 years and in some cases for over 10 years.

Analyst Checkmate highlighted this trend, noting that the selling pressure is not indicative of market suppression but rather a natural response to the bull market. Checkmate commented, “Look at all this price suppression selling by market manipulators who acquired their coins more than 3 years ago and are definitely not selling for profit in a bull market... Much paper.” This suggests that for every buyer, there is a seller, and as the price climbs, more sellers are willing to offload their holdings.

Checkmate further added, “Always chopping sideways. Suppression == Boredom.” The sideways price action is typical during consolidation periods, and the narrative of market suppression often gains traction during such times. However, the data indicates that the persistent selling pressure is a result of long-term holders offloading their coins rather than deliberate market manipulation.