Bitcoin’s underwhelming start to August 2023 continued with another sizeable correction on Thursday. On-chain data analysis explores critical indicators that could see Bitcoin price drop below the critical $29,000 support level.

Since BTC dropped from $31,850 in mid-July, Bitcoin’s price has continued to hit lower lows. Critical on-chain indicators reveal long-term BTC holders are bracing for a potential price reversal. 

Bitcoin Long-Term Holders are Booking Profits 

Bitcoin has witnessed intense sell-pressure from long-term investors this week. According to Santiment’s Age Consumed data, the sell-off began around July 31, as the BTC price closed the month below $29,500. 

Indicatively, BTC Age Consumed currently sits at 5.97 million, up 190% from the 2.06 million recorded on July 29.

Age Consumed evaluates the sentiment among long-term investors by tracking how many long-held coins are currently being traded. It is derived by multiplying the number of recently traded tokens by the number of days since they were last moved.

As observed above, multiple spikes in Age Consumed means that long-held coins are on the move. Evidently, the sell-off among long-term holders has played a major role in preventing BTC from rebounding above $30,000. 

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Author: Ibrahim Ajibade

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