The metric show by Old hands selling out’ stated the price of Bitcoin at risk
It has been come to notice that old hands are now selling their holdings of Bitcoin. As per the dormancy metric by the Glassnode’s Coin, it has been stated that the dormant addressees of selling the BTC which has been market as the earlier tops in BTC. According to Willy Woo who is also the On-chain analyst stated that old hands has sold down the top ones until the recent price cycle came out. Further the analyst also added that Dormance is a measurement of the Old hands selling out. It has been quite interesting to notice the way old hands have been reliable selling the tops until the current cycle. The sale of bitcoin has been made at the selling price of nearly $3 to$4k
The possible reasons:
There are so many reasons which may have contributed for the long-time holders to sell of the BTC at the current value. So far BTC value has managed to get an increase with the three-fold from March. It surely has been a decent take profit area for many sellers. The $12,000 area has also been made as the strong resistance level from the past two months. Besides, there are also many technical reasons and cyclical reasons which has increased to the sell.
Over the last few quarters, the negative return of the bitcoin has been recorded. The BTC tendency to underperform in the past quarter along with the resistance of $120000 can compel the holders to make the profit. Besides there are technical analysis who also believe in the Bitcoin which is currently at the cusp of initiating with a new cycle. In the coming months, three is a possibility that BTC can go on gaining the upward for better resistance level and may not get a major pullback too.
Crypto Business World
CBW - External Analyst