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Bitcoin nears $65,000 as on-chain sellers exit into the bounce
CoinDesk reports two on-chain holder groups, long-term and short-term, are selling into strength as BTC rebounds after June CPI cooled.
Bitcoin climbed to nearly $65,000 after June U.S. inflation data came in softer than expected, but on-chain activity suggests multiple investor groups are taking the opportunity to sell into the rally, potentially adding overhead supply. CoinDesk said the move came as analysts pointed to a cooler CPI print, even as other commentators cautioned that renewed oil strength could complicate the macro backdrop.
CoinDesk cited Glassnode definitions to describe two distinct selling waves. Long-term holders, defined as addresses that typically hold for at least five months, are capitulating and selling coins bought near prior highs at a loss, signaling doubts about the durability of the recent price rise.
At the same time, short-term holders who accumulated near recent lows are realizing profits at a pace CoinDesk pegged at more than $4 million per day. CoinDesk said the combined long-term loss realization and short-term profit taking echoes a pattern seen in May, when BTC briefly rallied above its 200-day moving average near $82,000.
The outlet linked the selling pressure to price action this week, noting BTC had rebounded from about $61,500 to nearly $65,000, with most gains occurring after Tuesday. CoinDesk also pointed to the data driving the bounce, including headline CPI rising 3.5% year over year in June versus a 3.8% consensus, while core CPI held at 2.6% year over year and was flat month over month.
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