Despite Waning Market Conditions, Bitcoin Has Held Strongly Above the $103,000 Price Mark

In spite of waning market conditions, Bitcoin has held strongly above the $103000 price mark, demonstrating its robust resilience and the strength of its recent upward trend.

Bitcoin’s price has pulled back slightly, but several technical indicators suggest that the asset’s uptrend may continue.

As Bitcoin prepares for another rally, on-chain data platform Glassnode highlighted a key shift among BTC’s long-term holders.

The post Bitcoin LTHs Increase Spending Sharply As BTC Price Pulls Back appeared first on Coin୪.

Bitcoin’s price has pulled back slightly. However, several technical indicators suggest that the asset’s uptrend may continue.

Moreover, as the flagship asset gears up for another rally, on-chain data platform Glassnode has underlined a key shift among BTC’s long-term holders, often considered seasoned investors.

After a period of steady accumulation and HODLing behavior, long-term BTC holders’ supply has shown hesitancy as prices grow. This indication of hesitancy has raised concerns about Bitcoin’s uptrend and whether these investors are starting to reevaluate their positions in response to waning price performances.

Long-Term Holders' Supply Declines

According to Glassnode, the Long-Term Holder (LTH) SOurceReam ticked down for the second consecutive time in May, signaling weakened conviction among seasoned holders.

The decrease follows an increase in the holders’ supply, which was 13.66 million BTC in the middle of March and is now about 14.29 million BTC.

The on-chain platform further noted that BTC’s LTHs spending experienced a notable surge, reaching the 0.43 range as indicated by the LTH Spending Binary Indicator in the seven-day time frame.

Thus, Glassnode has flagged this development as one that demands close monitoring because these inflections tend to escalate rapidly, often leading to local market tops.

Even though Bitcoin’s LTH supply decline may not yet signal weakness, it adds a level of complexity to the asset’s renewed upward movements.

If this trend continues, it is likely to influence BTC’s direction, potentially leading to a correction in the short term.

BTC LTHs' Realized Price Increases

In another report on the X platform, Glassnode highlighted a rise in BTC’s long-term holders’ realized price.

Examining the Bitcoin Long/Short-Term Holders On-Chain Basis, the metric shows that LTHs’ realized price has increased to the $45,340 level, indicating an important turning point that highlights the growing conviction of seasoned investors.

The Bitcoin Long/Short-Term Holders On-Chain Basis, which represents the average purchase cost of Bitcoin held for 155 days or more, has been steadily increasing, indicating that long-term holders are calmly accumulating the asset at higher price levels.

According to Glassnode, this reflects the aging of coins purchased between the $90,000 to $100,000 price range transitioning into long-term status.

With the 155-day cut-off, the metric shows that BTC buyers from December 24 are now classified as long-term holders, which progressively raises the group’s cost basis.

A consistent rise in the cohort’s cost basis supports the thesis that seasoned investors are still optimistic about BTC’s future performance.