This Pattern Has Emerged Three Times Since Late 2023, Triggering BTC Price Corrections

Bitcoin's price recently dipped to around $98,951, testing crucial support levels defined by the 365-day simple moving average (SMA) at $102,055 and the exponential moving average (EMA) at $99,924. This decline reflects a trend where long-term investors have reduced their holdings, selling about 300,000 BTC since July. Historically, similar patterns have emerged three times since late 2023, each causing notable price corrections. For instance, during the August 2024 rally, the price briefly tested these levels before stabilizing. The recent selling pressure is attributed to investors holding their Bitcoin for more than 155 days, leading to market consolidations or dips of over 10% after price rallies. This ongoing trend emphasizes the significance of moving averages as key support levels amid profit-taking by long-term holders.

Source 🔗