In a notable shift in market dynamics, long-term Bitcoin holders are re-entering the buying phase after enduring the most significant selling period in years. According to analysts cited in the report, the outlook is promising, which could signal a potential reduction in the selling pressure that has plagued the cryptocurrency recently.
Resurgence in Buying Activity
Matthew Sigel, the head of digital assets research at VanEck, highlighted that this resurgence in buying activity among long-term holders may indicate that the recent selling pressure on Bitcoin (BTC) is starting to subside. As of now, Bitcoin is trading just above the $90,000 mark, reflecting cautious optimism in the market.
Shifting Sentiment Among Long-Term Holders
Despite the ongoing volatility, the sentiment among long-term holders appears to be shifting positively, suggesting that they may be regaining confidence in the asset. While the recovery remains tentative, this trend could pave the way for a more stable market environment in the coming weeks.
As long-term Bitcoin holders show renewed buying interest, the altcoin market is experiencing a surge in trading volumes despite declining prices. For more insights on this contrasting trend, see more details.
