Bitcoin’s Ballet: Will $85K or $91K Steal the Show? 🎭💸

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Ah, the waltz of Bitcoin’s long-term holders-a dance of such exquisite folly! Their supply, like a moth to a flame, has dwindled to an eight-month nadir. And where, pray tell, does this leave us? At the precipice of $85K and $91K, where liquidity pools like champagne at a soiree, and selling waves crash with the ferocity of a spurned lover. 🌊💔

Behold, the supply of these steadfast hodlers has shriveled to 14.34 million BTC-a figure as quaint as a Victorian corset. Since May, it has withered, halving its October grandeur. Glassnode, that oracle of numbers, reveals a market behavior as unprecedented as a unicorn at a tax audit. Long-term holders, those paragons of patience, have turned into veritable spendthrifts, distributing their treasures with the zeal of a magician pulling rabbits from a hat. 🐇✨

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Three Waves: A Symphony of Sell-offs 🎻💨

Since the dawn of 2023, this financial opera has unfurled in three acts of selling melodrama. The first wave, a crescendo of greed, followed the U.S. spot Bitcoin ETFs’ debut in late 2023. Long-term holders, sensing the sweet scent of profit, jettisoned their holdings as prices soared from 25,000 to 73,000 by March 2024. Bravo, encore! 👏

The second act, a tragicomedy, unfolded as Bitcoin flirted with $100,000. President Trump’s election, that beacon of optimism, lit the market aflame. And now, the third wave-still in full swing-finds Bitcoin teetering above support levels, like a tightrope walker with a penchant for drama. 🪜🤡

History, that fickle muse, recalls the bull markets of 2013, 2017, and 2021-each a singular boom-and-bust affair. But this cycle? A ménage à trois of selling waves, each more audacious than the last. Long-term holders, once the epitome of restraint, now behave like guests at a buffet, piling their plates high only to discard them mid-bite. 🍽️🤦‍♂️

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Critical Price Zones: The Financial Tightrope 🪢💰

TedPillows, that sage of X, identifies two liquidity clusters-$85,200 and $91,000-as the financial equivalent of quicksand and a trampoline. The BOJ’s interest rate decision looms, a harbinger of volatility, while November’s lows beckon like a siren’s call. 🏖️🐚

Source: TedPillows 🧵

Alec, co-founder of Checkonchain, notes the aberrant spending habits of long-term holders-a cycle unlike any other. Three sell waves, each met with the market’s aplomb, have rendered traditional theories as relevant as a rotary phone. ☎️🤷‍♂️

Source: Alec 📊

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Distribution Pressure: The Weight of the World 🌍💨

Long-term holder distribution, the albatross around Bitcoin’s neck, has orchestrated a 40% correction from October’s all-time high. Now, at $86,185, Bitcoin hovers like a hummingbird, with $85,200 and $91,000 as its next potential perches. The Bank of Japan’s impending move adds a dash of uncertainty-will it be a feather or an anvil? 🦜⚖️

This cycle, with its repeated distribution waves, mocks the old adage of singular euphoric peaks. Instead, it revels in its ability to absorb selling stages like a sponge in a monsoon. Market actors, ever vigilant, now monitor liquidity levels with the intensity of a cat stalking a laser pointer. 🐱🔴

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2025-12-18 06:58