Long-Term Bitcoin Investors Remain Unfazed as Traders Drive Recent Sell-Off

Bitcoin’s recent bout of volatile trading appears to have been driven primarily by short-term traders who have been offloading their BTC positions, as data suggests that long-term holders have not yet been fazed by the crypto’s recent drop below $10,000.

This may point to the possibility that Bitcoin is currently forming a long-term bottom, as the lack of selling pressure from the majority of BTC investors may have significantly slowed the recent downtrend and may help the crypto climb higher in the near-term.

Bitcoin Consolidates Around $8,000, But Uptrend May Soon Continue

At the time of writing, Bitcoin is trading down just under 2% at its current price of $8,250, which marks a slight retrace from its daily highs of just under $8,500.

BTC’s recent price action can most accurately be defined as a bout of consolidation, as it has formed a relatively tight trading range between $7,800 and $8,500 that may continue to hold strong in the near-term as it remains trendless.

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