With the Bitcoin (BTC) price rising to around $118,600 (approximately 165.09 million won), long-term holders are once again buying. Over the past 30 days, they have acquired 3,800 new Bitcoins, demonstrating their confidence in the market. Experts believe this movement could signal a structural bull market rather than short-term speculation.
Cryptocurrency on-chain analyst Ali Martinez recently revealed that long-term wallets added 3,800 BTC over the past month, equivalent to approximately 484.6 billion won (approximately $375 million USD). According to blockchain analytics firm Glassnode, the net Bitcoin position change over the same period was 3,890 BTC, supporting this trend. This suggests a resurgence of buying pressure following the sell-off in August and early September.
During the same period, the Bitcoin price rose from $112,000 (approximately 155.68 million won) to around $118,000, indicating that long-term holders are increasing their holdings along with the price increase. This increased positioning is interpreted as a restoration of confidence in market fundamentals rather than a simple dip buying. Notably, the on-chain SOPR (Status of Profitability on Sale) for long-term holders is currently at around 1.8, indicating that many sellers are taking profits.
According to CryptoQuant, the SOPR for long-term holders has consistently remained above 1 since the beginning of the year. This indicates continued profit-taking-focused trading without stop-loss selling, suggesting overall market stability and low selling pressure.
Meanwhile, technical analysis also revealed noteworthy movements. Cryptocurrency analyst Rect Capital reported that Bitcoin is attempting to break through the $117,300 (approximately KRW 163.75 million) resistance level again. This level was a key point where the upward trend began in mid-July. If the daily closing price at this level holds and is reconfirmed, the possibility of breaking through the $120,000 (approximately KRW 166.8 million) level could be strengthened.
Another analyst, Dan Crypto Trade, analyzed that Bitcoin had completely broken out of the downward channel it had been in since July in early October. He emphasized that as long as the price maintains a close above $112,000, there is ample room for the market's upward momentum to continue. He concluded that while there may be short-term fluctuations, particularly as the new quarter and month begin, the overall trend is upward.
With the cumulative buying power of long-term holders and the alignment of technical indicators, the market is focusing on whether Bitcoin will soon reach the $120,000 level. Experts predict that as long as the price maintains key support levels, the medium- to long-term bullish trend is likely to continue.
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