• Bitcoin bounced to $104.9k after retesting $100k, keeping the price range-bound amid low momentum
• Without a clear upside catalyst, BTC may remain stuck between $104k and $107k

After retesting the $100k-level, Bitcoin [BTC] bounced strongly to $104.9k, returning within the long consolidation zone.

With BTC touching these levels again, it means all long-term holders (LTHs) returned in profit.  Often, when holders and investors are in profit, they tend to sell and realize their gains.

This is what’s currently happening among Bitcoin LTHs.

LTHs start selling as profits return

According to Glassnode data, LTHs have resumed selling, albeit at a moderate pace.

In fact, the HODLer Net Position Change remained negative at -14.2K BTC, indicating net outflows from long-term addresses.

This means that long-term holders are selling more than they are acquiring. Here, the movement of older coins is understandably concerning, especially since the market currently lacks a strong upside catalyst.