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E329-NEWS Analysis-Bitcoin OG Profit-Taking Suppresses Price
Season 1 Episode 329
This is an AI generated Episode that will discuss a video, podcast or read an article. The source text explains that the primary reason for the recent suppression of Bitcoin's price is the significant selling pressure from long-term holders, or "OGs," who are realizing substantial profits. Analysts emphasize that this failure to rally is not due to market manipulation but rather the sheer volume of older coins re-entering circulation, evidenced by realized daily gains reaching $1.7 billion. According to data, the average age of spent coins has increased, pointing directly to these veteran investors taking profits. Market sentiment suggests this supply transfer, largely from OGs to traditional finance (TradFi) entities, is a temporary dynamic that must be digested before the next rally can begin. Despite this pressure, Bitcoin has managed to hold critical support levels, which some analysts believe could pave the way for a future rally toward the $120,000 range if stability continues. .Want to read the article your self? Check the original source: https://cointelegraph.com/news/bitcoin-ogs-selling-tradfi-remains-resistance-analyst
Published on 1 week, 5 days ago