Bitcoin Long-Term Holders Sell Off Signals Potential Short-Term Pullback, Key Support Levels Identified by Glassnode

COINOTAG News reported on June 6th that glassnode’s latest analysis highlights a gradual sell-off by Bitcoin long-term holders. This trend signals a potential increase in short-term downside risk due to the absence of significant bullish catalysts. On-chain data models identify critical support zones, with the 0.95 SSD percentile positioned near $103,700 and the 0.85 percentile around $95,600. These levels are crucial for traders and investors to monitor as profit-taking pressures persist, potentially influencing Bitcoin’s price trajectory in the near term.