Bitcoin is on the verge of reaching a historic milestone, with its price inching closer to the coveted $100,000 mark. This remarkable rally has fueled optimism among investors, signaling Bitcoin’s continued dominance in the cryptocurrency market. 

However, despite the bullish outlook, Bitcoin is not entirely immune to potential bearish pressure. The backbone of Bitcoin’s price stability — long-term holders (LTHs) — appears to be wavering, raising concerns over possible downward movements in the near term.

Bitcoin’s Support Is Wavering

Long-term holders of Bitcoin have recently shown signs of bearish sentiment. The HODLer net position change indicator, which tracks the behavior of LTHs, has turned negative.

This shift indicates that a significant number of long-term investors are taking profits by selling their holdings. Negative values on this metric often signal a reduction in confidence, which could put pressure on Bitcoin’s price.

Since LTHs are considered the backbone of Bitcoin’s price, their selling activity has the potential to disrupt market momentum. These investors typically hold assets through market fluctuations, contributing to price stability.

When they begin to sell, it can lead to increased volatility, and if the trend continues, it could trigger a price correction. This potential selling pressure is something that Bitcoin investors are closely monitoring, especially with the $100,000 threshold so near.

The broader macro momentum for Bitcoin remains strong despite the short-term bearish sentiment among LTHs. A key indicator to watch is the Bitcoin Network Value to Transactions (NVT) Golden Cross, which is currently sitting in the neutral zone.

While it’s not yet in the bullish territory (under -1.6), the NVT Golden Cross is an important signal for Bitcoin’s future price movements. Historically, when the NVT indicator enters the bearish zone (above 2.2), it has often been conside

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Author: Aaryamann Shrivastava