Long-term Bitcoin holders sold 400,000 BTC in the past month, while short-term holders panic-sold $3 billion in BTC. Bitcoin’s rising wedge targets $72,000 as it fell over 3.5% in 24 hours to $104,000. Weekly and 30-day losses are at 8% and 17%, respectively. LTHs offloaded $42 billion in BTC after all-time highs.

LTH supply change saw a net decrease of 405,000 BTC, worth $42.3 billion. This accounts for almost 2% of the total supply. The market absorbed this sell pressure well, maintaining a price above $100,000. STHs sent over 26,800 BTC to exchanges at a loss over the past three days, showing a familiar pattern of panic-selling.

BTC’s falling wedge pattern targets $72,000, with support levels at $100,000 and $82,000. Bearishness is evident with a growing divergence between price and RSI. The RSI declined from 70 to 45 while prices rose, indicating weakness in the uptrend. Analysts suggest Bitcoin could drop to $60,000 according to the power law model.

Crypto sentiment hit “extreme fear” at 21 as Bitcoin dropped below $104,000. Calls for a sub-$100,000 BTC price are increasing. Investors should conduct their own research before making decisions as this article does not provide investment advice.

Read more at Cointelegraph: Bitcoin Long-Term Holders Offload 400K BTC as Price Nears $100K Support