B Long-Term Holders Shift to Accumulation as $60K Support Faces Test

TLDR:

• Glassnode data shows Bitcoin long-term holders shifting from distribution to re-accumulation phase
• Bitcoin tests $60K support while RSI nears 15, signaling oversold momentum conditions now
• Price structure shows lower highs and potential double-bottom forming near key support zone
• Reduced liquid supply from long-term holders may strengthen price response if demand remains stable

Bitcoin is experiencing a notable shift in long-term supply behavior alongside a critical technical test in price structure.

Glassnode’s Old Supply Net Position Change metric has moved back into positive territory after nearly two years of sustained distribution.

Bitcoin held for more than six months is now being accumulated rather than spent. This change coincides with broader adjustments in spot and derivatives market activity.

Long-term Holders Return to Accumulation after Extended Distribution Phase

Glassnode data previously showed prolonged negative readings as long-term holders reduced exposure during price rallies.

These distribution phases aligned with the 2024 and 2025 uptrends when veteran investors realized profits at elevated levels.

This selling increased circulating supply and supported absorption from institutional and retail demand. On-chain data suggests this phase marked consistent profit realization during upward price movements.

The current transition shows the indicator crossing above zero after an extended negative period. Data indicates that dormant coins beyond six months are no longer actively spent.

Instead, inactive Bitcoins are rising as holders keep coins off exchanges. Exchange flow data reinforces the view that supply was actively redistributed during the earlier phase.

Market participants now interpret the change as a shift in holder psychology toward longer holding periods. Even near elevated price levels, long-term investors appear less willing to liquidate positions for profit.

This behavior reflects expectations of continued market strength or higher future valuation. The absence of aggressive selling supports strengthening conviction among holders.

Bitcoin tests key $60,000 support as RSI signals extreme oversold conditions

Bitcoin trades near a critical support zone between $60,000 and $61,000 during the ongoing corrective phase. The level has repeatedly acted as a structural floor throughout the current market cycle.

Price action continues to show lower highs and lower lows since the cycle peak. Market volatility has compressed around this level as buyers and sellers contest direction.

Technical indicators show RSI near 15, indicating deeply oversold market conditions. Historically, such readings have coincided with selling exhaustion and potential relief rebounds.

Market participants note that weak hands typically exit positions during these momentum extremes. Such technical alignment often attracts attention from traders seeking short-term reversal opportunities.

The $60,000 level represents both psychological and technical support for Bitcoin. A sustained hold could shift market structure toward accumulation and potential recovery.

Price action over the next sessions may determine whether consolidation or recovery develops. A breakdown below this zone would expose the market to deeper downside pressure.

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