TechFlow news, Cryptoquant analyst onchained stated that during bull markets, long-term holders (LTHs) typically sell portions of their Bitcoin holdings as prices rise. From early 2024 to April, the amount of UTXOs held for one and two years saw a significant decline. However, the supply of Bitcoin held for over three years continues to increase, indicating strong long-term bullish sentiment.
More than 50% of the Bitcoin supply has remained unmoved on-chain for over a year, reflecting investors' confidence in the asset's long-term value. As Bitcoin’s price rebounds to $56,000, holders with positions aged one and two years have ceased selling and shifted into a holding phase, signaling increased confidence in future price potential.
Bitcoin’s technical outlook is at a critical juncture, with price testing key support levels. The behavior of long-term holders and on-chain metrics indicate strong bullish sentiment; however, if the price breaks below the daily Ichimoku cloud, it could retrace toward $64,000. Investors should closely monitor technical and on-chain indicators to make informed decisions.
