Since early May, has maintained a position above the $100,000 threshold. The sole exception occurred on June 22nd, a weekend day, when tensions rose between the United States and Iran.
It’s important to note that cryptocurrency trading volumes generally decrease on weekends, leading to potentially unreliable price fluctuations, as the digital asset market operates continuously.
Despite growing global adoption through corporate Bitcoin acquisitions and the availability of exchange-traded funds (ETFs) in the US, many investors are questioning why Bitcoin hasn’t yet surpassed its previous all-time high of over $112,000.
Analyzing on-chain data, particularly the distribution of Bitcoin supply by age, reveals an increase in selling activity from long-term holders, specifically those who have held their Bitcoin for at least 3 years, and in some instances, for over a decade.
Analyst Checkmate, who provided this data, commented, “Observe the constant price pressure from sellers who obtained their Bitcoin over three years ago and are clearly not motivated by profit-taking in a bullish market… A substantial amount of paper [Bitcoin].”
This observation suggests that for every purchase, there’s a corresponding sale. In a bullish trend, ascending prices often incentivize sellers to liquidate their holdings.
Checkmate also noted, “The market consistently moves sideways, leading to stagnation and boredom, which is where theories of market manipulation take hold.” While the consolidation period has fueled speculation of market suppression, the data indicates ongoing selling pressure rather than deliberate manipulation.