Bitcoin long-term holder supply hits 8-month lows: Bullish or bearish?

Recent data indicates that the supply of Bitcoin held by long-term holders has hit cyclical lows, which is drawing attention in the market due to its potential impact on supply and demand dynamics. A decrease in long-term holder supply may suggest reduced selling pressure, potentially supporting upward price movement. However, how the market reacts to this trend remains uncertain. Currently, Bitcoin is facing strong psychological resistance around $68,000. It is crucial to see if it can break through this level, as failure to maintain it may lead to further downward pressure. On the other hand, reluctance from long-term holders to realize gains could create scarcity, serving as a price support factor. Traders should watch this situation closely as they devise their next moves.