Glassnode: BTC long-term holder buying slows, $54K is next support if $65K fails

Citing data from Glassnode, Decrypt reported that accumulation by Bitcoin (BTC) long-term holders has weakened following the February sell-off, especially when compared to periods like the FTX and Luna collapses. The report noted that the drop to $62,800 on Feb. 6 placed significant pressure on these holders, comparable to the stress levels seen during the Luna crisis in May 2022. Furthermore, the seven-day exponential moving average of the Long-Term Holder Spent Output Profit Ratio (SOPR) has fallen below one, indicating that veteran investors are selling at a loss. Glassnode suggested that if the $65,000 support level is breached, the next major support area could be $54,000. However, Sean McNulty, Head of APAC Derivatives at FalconX, raised the possibility of a short-term bottom, stating that the $60,000 level was defended by a large buy wall.