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Bitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases – Glassnode

Source Newsbtc

Bitcoin continues to dominate discussions, with its recent price movements drawing particular attention. As the asset struggles to reclaim its March all-time high of over $73,000, with recent attempts peaking above $71,000 earlier this week, the price has since receded to approximately $68,231 at the time of writing.

This retracement marks a 7.3% drop from its March peak, signifying a volatile period for the cryptocurrency, influenced by various underlying market factors.

Long-Term Holders Lessen Selling, What This Spell For BTC

Glassnode, a renowned market intelligence platform, highlights a significant development in Bitcoin’s market behavior. According to a recent analysis of the platform, there has been a notable decline in the distribution pressure from Bitcoin’s long-term holders (LTHs).

Glassnode’s “Long-Term Holder Binary Spending Indicator” tracks the sell-off activity of long-standing Bitcoin holders, and its recent data points to a marked reduction in this group’s selling pressure.

Historically, when long-term holders reduce their selling, it alleviates downward pressure on the price, potentially giving rise to more bullish market conditions.

Further insights into Bitcoin’s price behavior come from prominent crypto analyst RektCapital, who noted on social media platform X that Bitcoin typically faces resistance at the range high post-Halving and suggests a prolonged re-accumulation phase.

As the crypto asset trades just below $69,000, RektCapital discloses that Bitcoin might only break out from its current re-accumulation range around 160 days post-Halving, projecting a significant breakout as late as September 2024. This analysis is crucial as it sets expectations for investors looking for signs of Bitcoin’s next big move.

#BTC

Historically, Bitcoin has always rejected from the Range High on the first attempt at a breakout after the Halving

Moreover, history suggests this Re-Accumulation should last much longer

Bitcoin tends to breakout from these Re-Accumulation Ranges only up to 160 days after… https://t.co/Jw7FcQui2Q pic.twitter.com/beLdOPqZOi

— Rekt Capital (@rektcapital) May 24, 2024

Meanwhile, recent price action from Bitcoin has led to substantial losses for some traders, with Coinglass data showing about $41.68 million in liquidations for Bitcoin long traders and $14.34 million for short traders over the past 24 hours.

Bitcoin total liquidations in the past 12 hours.

Overall, the crypto market has seen total liquidations amounting to $292.07 million during the same period, affecting 78,874 traders.

Upcoming Challenges For The Bitcoin Market

According to Greeks.Live, the imminent expiry of a significant volume of Bitcoin and Ethereum options adds another layer of complexity to the market’s immediate future. 21,000 BTC in options are set to expire soon, with a Put Call Ratio of 0.88 and a Maxpain point at $67,000, representing a notional value of $1.4 billion.

Similarly, 350,000 ETH options are nearing expiration, and their dynamics could influence the broader market due to their $1.3 billion notional value and a Put Call Ratio of 0.58.

May 24 Options Data 21,000 BTC options are about to expire with a Put Call Ratio of 0.88, Maxpain point of $67,000 and notional value of $1.4 billion. 350,000 ETH options are about to expire with a Put Call Ratio of 0.58, Maxpain point of $3,200 and notional value of $1.3… pic.twitter.com/rftA9kBm4q

— Greeks.live (@GreeksLive) May 24, 2024

In this context, a put option gives the holder the right to sell an asset at a predetermined price within a specific timeframe, which is often used as protection against a decline in the asset’s price.

Conversely, a call option offers the right to buy under similar conditions and is typically utilized in anticipation of a price increase. The Put Call Ratio is a tool that helps gauge market sentiment, with a higher ratio indicating a bearish outlook and a lower ratio suggesting bullish conditions.

Bitcoin (BTC) price chart on TradingView

Featured image created with DALL·E, Chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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Bitcoin briefly loses 2025 gains as crypto plunges over the weekend.Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

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Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

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