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    Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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Bitcoin Price Nears $65K as Long-Term Investors Resist Selling, Hold Strong

Story Highlights
  • Long-term Bitcoin holders are not moving coins, signaling confidence in Bitcoinโ€™s potential.

  • CryptoQuant analyst highlights that Bitcoinโ€™s price rally could follow this holding trend.

  • The upcoming U.S. election, especially a pro-crypto win, may boost Bitcoin's market trajectory.

Bitcoin’s price has been stuck in a consolidation phase for the past two months, fluctuating between $50,000 and $64,700. Despite the price struggles, long-term Bitcoin holders (LTH) are showing a surprising trend theyโ€™re not moving their coins. This behavior has caught the attention of market analysts, signaling that long-term holders remain confident in Bitcoinโ€™s potential.ย 

According to CryptoQuantโ€™s on-chain analyst Darkfost, this stability in movement may point to a decrease in selling pressure.

What is driving LTHs to stick to their strategy even though the price is swinging wildly? Could this mark the beginning of a new phase for Bitcoin? It’s time for some answers.

Long-Term Holders Stand Firm as Selling Pressure Eases

Darkfostโ€™s analysis shows long-term holders are staying strong, holding onto their Bitcoin. This is a key trend because it usually means they expect future price growth. Even though Bitcoin has struggled to reach $67,000 again, these holdersโ€™ decision to keep holding shows their confidence in Bitcoinโ€™s potential.

The fact that long-term holders arenโ€™t moving their Bitcoin is a positive sign for the market. With less selling pressure, prices tend to stay stable or even start rising.

Without big sell-offs from long-term holders, Bitcoin often holds its value or prepares for a price increase. While we might not see an immediate price surge, this trend often leads to bigger moves down the line.

Why the U.S Elections Will Shake the Market

As the 2024 U.S. Presidential Election nearsโ€”just 41 days awayโ€”the crypto market is watching closely. A pro-crypto candidate could give the market a major boost. Donald Trump, for example, has talked about turning the U.S. into a “crypto capital” and potentially making Bitcoin a strategic reserve, which could drive prices even higher.

Key Levels to Watch

Bitcoin is currently facing a key resistance level near $65,000. Should it break this level, the price could quickly rise to $65,379. A successful close above this resistance might trigger a 7% rally, potentially retesting the July 29 high of $70,079. 

As of now, Bitcoin is trading at $63,454, reflecting a slight 1.2% drop over the past 24 hours. However, the overall sentiment remains positive as long-term holders continue to hold strong.

Do you believe the long-term holders have it right? Share your predictions.

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