Resistance at roughly $28.6k could last a while as long-term holders take profits

Long-term holders are taking profit for the first time since May 2022 — causing potential for a long-drawn resistance at roughly $28.5k.

James Van Straten
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James Van Straten
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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Quick Take

  • Long-term holders are defined as holding Bitcoin for six months or longer.
  • This cohort is spending at a profit for the first time since May 2022.
  • The spending cost basis of LTHs is roughly $28,600; due to the magnitude of this bear market, it is understandable profits are being taken.
  • LTHs have currently spent around 100,000 Bitcoin in the past few days.
  • A similar pattern can be seen in 2019 when emerging from the bear market.
LTH: (Source: Glassnode)
LTH: (Source: Glassnode)
SOPR and Spending: (Source: Glassnode)
SOPR and Spending: (Source: Glassnode)
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James Van Straten
James Van Straten
Former Lead Analyst CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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