A significant trend in the cryptocurrency market has revealed that nearly 80% of Bitcoin’s supply is now held in long-term wallets, marking an increase from 74% in the previous cycle. Recent data from on-chain analysis platform Alphractal indicates that around 830,000 BTC have been moved from short-term trader wallets, reflecting one of the largest shifts seen in recent history. With long-term holders absorbing more Bitcoin, the available supply for active trading is diminishing, which historically is seen as bullish for prices amidst consistent demand. Following Bitcoin’s ascent past a key resistance level between $78,000 and $80,000, analysts suggest this area is now a support level, with the next target set at $90,000. However, a potential pullback is possible if this support fails, with prices possibly retreating to $68,000 or even $60,000. While long-term confidence appears to be strengthening, short-term market direction remains uncertain, leaving stakeholders eager to see how the situation unfolds.
