\u201cOne of the biggest misconceptions in Bitcoin is that HODLers never sell,\u201d said on-chain analyst James Check on X on Dec. 3.\u00a0However, they do sell, and they\u2019re currently keeping prices from moving higher, he added.<\/p>\n
Bitcoin has been range bound, oscillating around $95,0000 since Nov. 20, two weeks ago. It has failed to register a new all-time high but remains in price discovery as long-term holders are \u201cpumping the sell-side brakes,\u201d said Check.<\/p>\n
Right now, markets are approximately six times off the FTX cycle low, \u201cand the market has hit resistance, chopped around, and corrected from similar levels in both of the prior cycles,\u201d he added<\/a> in a newsletter on Dec. 2. However, it has still powered onward to massively higher highs.<\/p>\n The analyst compared the market to a car, with demand being the accelerator and sell-side pressure being the brakes. The demand is \u201cpedal to the metal,\u201d with Michael Saylor<\/a> and the spot Bitcoin ETFs hammering the buy-side, he said before adding:<\/p>\n \u201cIf the Long-Term Holders are pumping the sell-side brakes at an equal magnitude, the car isn\u2019t going anywhere.\u201d<\/p>\n One of the biggest misconceptions in #Bitcoin<\/a> is that HODLers and OGs never sell.<\/p>\n They absolutely do, so I wanted to break down not only when, but at what profit levels they cash in.<\/p>\n My latest analysis is out for @_checkonchain<\/a> subscribers (post in tweet below). pic.twitter.com\/4jZlOl5oSI<\/a><\/p>\n \u2014 _Checkmate (@_Checkmatey_) December 3, 2024<\/a><\/p>\n\n Following a parabolic monthly candle of $26,000 in November to the psychological $100,000 barrier, a period of consolidation where the asset can build market structure is a healthy phase.<\/p>\n On-chain analysis platform Glassnode concurred, reporting that daily realized profits to exchanges have cooled off significantly, representing a 42% drop from the peak in mid-November.<\/p>\n \u201cThis sharp decline signals reduced profit-taking activity, suggesting the market has entered a consolidation phase.\u201d<\/p>\n After hitting an all-time high at $99.4K, #Bitcoin<\/a> has fluctuated between $92K and $98K this past week.<\/p>\n Daily realized profits to exchanges have cooled off significantly, now at $277M\/day. This represents a 42% drop from the peak of $481M\/day on Nov 16.<\/p>\n This sharp decline\u2026 pic.twitter.com\/atXIrKJjHA<\/a><\/p>\n \u2014 glassnode (@glassnode) December 3, 2024<\/a><\/p>\n\n Bitcoin<\/a> dipped to $93,700 on Dec. 3 as political tensions in South Korea escalated<\/a> but regained $96,000 during the Wednesday morning Asian trading session, keeping it within its sideways channel.<\/p>\n Analyst \u2018Rekt Capital\u2019 reported that BTC continues to retest the series of lower highs as support, adding that as long as this continues, the asset should be able to reclaim the ~$96,400 support area, which was touched a couple of hours ago.<\/p>\n #BTC<\/a><\/p>\n Bitcoin continues to retest the series of Lower Highs as support<\/p>\n Producing longer and longer downside wicks<\/p>\n Grabbing liquidity at lower and lower prices without losing the trendline<\/p>\n As long as this continues, BTC should be able to reclaim the ~$96400 support$BTC<\/a>\u2026 https:\/\/t.co\/AB1izNbYO7<\/a> pic.twitter.com\/g9gzNXRwN5<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) December 4, 2024<\/a><\/p>\n\n Total capitalization is at an all-time high of $3.67 trillion, and altcoins are driving it<\/a> there at the moment.<\/p>\n Today\u2019s big movers are Binance Coin (BNB), which gained 15% to hit an all-time high of $771, and Tron (TRX)<\/a>, which surged a whopping 68% to an all-time high of $0.43 during early trading on Dec. 4.<\/p>\n The post Long-Term Bitcoin Holders \u2018Pumping Sell-Side Brakes\u2019 as Consolidation Continues: Analyst<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" \u201cOne of the biggest misconceptions in Bitcoin is that HODLers never sell,\u201d said on-chain analyst James Check on X on Dec. 3.\u00a0However, they do sell, and they\u2019re currently keeping prices from moving higher, he added. Bitcoin has been range bound, oscillating around $95,0000 since Nov. 20, two weeks ago. It has failed to register a […]<\/p>\n","protected":false},"author":0,"featured_media":25638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-25637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25637"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25637"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25637\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/25638"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Elsewhere on Crypto Markets<\/h2>\n