"Starting in morning trading, the Bitcoin price consistently bled down from the upper $102,000s to lows of $97,870. According to Bitcoin Magazine Pro data, the last time Bitcoin price was near these levels (sub $98,000) was in early May - roughly May 8 depending on time zone. Bitcoin price vaulted above $100,000 for over 40 days after that before dipping back to $98,000 in late June."
"One possible reason why the bitcoin price is long-term holders that are unloading at record levels. Data from CryptoQuant shows they've sold about 815,000 BTC in 30 days - the most since early 2024 - while spot and ETF demand weaken. Profit-taking dominates, with $3 billion in realized gains on Nov. 7 alone. Institutional buying has also dropped below daily mining supply, intensifying sell pressure. Prices hover near the crucial 365-day moving average around $102,000, and failure to hold it could trigger deeper losses."
Bitcoin fell from an intraday high near $104,000 to about $98,113, with intraday lows of $97,870. The price slid from the upper $102,000s during morning trading and erased earlier gains. Long-term holders sold about 815,000 BTC in 30 days, the most since early 2024, while spot and ETF demand weakened, and $3 billion in realized gains were taken on Nov. 7. Institutional buying dropped below daily mining supply, increasing sell pressure. Prices test the 365-day moving average near $102,000; failure to hold could trigger deeper losses. Estimated production cost near $94,000 suggests limited downside.
Read at Bitcoin Magazine
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