Bitcoin Long-Term Holders Cut Back Selling Pressure Amid Market Uncertainty, A Major Move Looming?

Bitcoin's price recently dropped towards $93,000 due to increased selling pressure. However, long-term Bitcoin holders have reduced their selling activity by over 60%, from over 80,000 BTC daily to 40,000 BTC daily. This suggests increased confidence in Bitcoin's future price. While significant selling pressure was observed near the $100,000 price level, it's anticipated that the next major selling point for these holders might be around $120,000, potentially representing a 500% profit for some. A technical analyst predicts a short-term price recovery to $106,000 based on a bullish chart pattern. A strong market sentiment could push the price even higher.