Bitfinex: Slowing sell-off from BTC long-term holders is a positive sign

In its latest Bitfinex Alpha weekly report, cryptocurrency exchange Bitfinex noted that Bitcoin broke through the $94,000-$95,000 resistance level last week, climbing to a two-month high of $97,850. The exchange added that this rally triggered the largest short squeeze in 100 days, leading to a decrease in open interest as leveraged positions were cleared and resulting in a somewhat improved market structure. However, Bitfinex pointed out that the $93,000-$110,000 range is an area of concentrated selling from long-term holders (LTHs) and has historically limited upward price movements. While LTHs currently remain net sellers, the report identified a positive signal in the slowing pace of their sell-offs, with weekly selling volume based on realized profits declining to around 12,800 BTC. Bitfinex concluded that if this trend continues, BTC could break through this key resistance zone and resume its rally toward a new all-time high.