Bitcoin breakout intact but ultra‑long holders’ selling may cap gains

Beincrypto reports Bitcoin’s daily chart still shows a cup‑and‑handle breakout structure after reclaiming the 20‑day EMA, but selling from the oldest holders is meeting every push higher and may be capping momentum.

Bitcoin reclaimed the 20‑day EMA on January 10 and followed with two green daily candles, a sequence the analysis says keeps the breakout theory on track after similar December reclaims failed. Short‑term selling has collapsed — spent coins for the 7–30 day cohort fell from about 24,800 BTC to 1,328 BTC, a roughly 95% decline since January 8 — and standard long holders turned net positive on December 26 and continued buying even through the January 5 peak. By contrast, ultra‑long holders distributed roughly 286,700 BTC on January 1 and were still selling about 109,200 BTC by January 11, a drop of over 60% in their selling but not yet a flip to buying.

According to the piece, Bitcoin needs a clean daily close above $92,400 to open a path toward $94,870 and the measured 12% upside that projects toward roughly $106,630, while remaining above the 20‑day EMA. Key downside levels are $89,230 — a daily close below it would weaken the breakout — and $84,330, which would invalidate the bullish setup; the report concludes the breakout could accelerate once the oldest holders stop distributing supply.

Key Topics

Crypto, Bitcoin, Ultra Long Holders, Spent Coins Age, Glassnode