Analyst says BTC long-term holder selling pressure remains low, but no uptrend signal yet

Bitcoin long-term holders are facing limited selling pressure, but demand signals strong enough to support a fresh uptrend have yet to emerge, according to on-chain analyst Axel Adler Jr. In a blog post, Adler said BTC was at $64,200, or 1.3 times the average acquisition cost of $49,400 for long-term holders, and had remained in a low-risk zone for 78 consecutive days. Adler added that long-term holder balances stood at 16.35 million BTC, 58,000 BTC below the all-time high. Over the past 15 days, long-term holder balances fell from the previous day on only two days, indicating sustained selling pressure has not appeared. Adler said the supply structure alone was not enough to conclude a new uptrend had begun, adding that further confirmation was needed from demand and price action.