Bitcoin’s next rally will start once OGs finish selling: Analysts

Long-term Bitcoin holders took profits at record levels with realized gains hitting $1.7 billion daily as older coins re-entered circulation.

The price of Bitcoin will have a challenging road ahead as long as long-term holders continue to take profits, according to analysts.

The failure of crypto markets to recover was not due to manipulation, paper Bitcoin, or suppression, “just good old-fashioned sellers,” said analyst James Check on Sunday.

Check added that the sheer volume of sell-side pressure from existing Bitcoin (BTC) holders is still not widely appreciated, and that it was “the source of resistance” at the moment. 

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