This divide between both brackets of holders has showed up on the price chart.
Source: TradingView
At the time of writing, Bitcoin was trading near $68,200, above a strong support zone around $64K. This was while facing resistance near the $71K level.
Price moved in a tight range, so the market is hesitant.
When STHs slow their buying, Bitcoin often loses pace and struggles to go higher. On the other hand, LTH confidence helps prevent deeper drops.
For a major move to happen, STHs will have to step back with strength.
Final Summary
- LTHs are preventing a deeper crash despite weaker STH demand.
- A breakout above $71K resistance will depend on STHs returning stronger.
Source: https://ambcrypto.com/bitcoin-why-old-guns-ignore-the-68k-stall-as-sths-grow-anxious/
