The price of Bitcoin is falling, but its most patient holders are doing the opposite of panicking. After 12 days of selling, long-term Bitcoin (BTC) holders returned to buying on July 11 and 12, adding a net 5,912 BTC.
The step is small and only two days old. Furthermore, Bitcoin is still down 2% over the past 24 hours. However, this is the first shift from short to long since late February, a shift that came before a 25% rally.
Why do long-term holders move the price of Bitcoin?
Glassnode tracks these holders by the net change of the holder’s position over the long term. The metric counts coins held for approximately 155 days or more, so a positive reading means the group is buying faster than they are selling.
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This is important because these wallets rarely react to noise. they Back to accumulation It takes supply out of the market, tightening conditions and giving Bitcoin’s price room to rise.
Over the past 12 days, the reading has remained negative, meaning these holders were spending coins in a bear market. Switching to positive bleeding stops, at least for now.
Now they add while the price goes down. Bitcoin is trading near $62,717, down about 2% on the day, so this is more of a buy on weakness rather than chasing strength.
The signal that called for a February bottom
The last time selling flipped into buying was in late February, when Bitcoin was trading near $65,896. From there, Long-term pregnant accumulation Bitcoin has been building steadily and peaked at around $82,186 on May 10, an increase of about 25%.
Then the pattern slowed and eventually reversed. These holders slowed their buying since late May and turned to selling by late June. Meanwhile, the price of Bitcoin fell back towards $60,000 by late June. In each case, the holder drives the price, not the other way around.
This is the sequence that this face experiences again. Buying should come first, then price tends to follow.
This new low mirrors the February low, which is why traders are watching Bottom signals on the chain They notice two quiet green days.
ETF Green Week supports this shift
The second signal points in the same direction. In the week ending July 10, U.S. Bitcoin ETFs generated approximately $197 million The first green week After eight consecutive weeks of outflows. Since buying ETFs moves real Bitcoin, two separate pools are now adding at the same time.
This overlap is why the Long-Range Face Mount carries more weight than its size suggests. Patient portfolios may read the ETF’s role as their own signal.
What should be held For Bitcoin price
Caution is simple. The two-day line is thin, and needs to stay put. If the buying fades, the signal fails and the selling process resumes.
Currently, the oldest hands are leaning on the drop, near A Current bitcoin price In excess of $62,700. The February turnaround continued for weeks before the price responded.
Whether it turns into another rally depends on whether the streak continues over the next week.
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