BTC dips below $100K amid selling pressure from long-term holders

Bitcoin fell below the $100,000 mark, testing two key support levels on its daily chart: the 365-day simple moving average (SMA) at $102,055 and the exponential moving average (EMA) at $99,924, according to an analysis by CoinDesk. The report noted that on-chain data shows holdings by long-term holders (LTHs) have decreased by approximately 300,000 BTC, falling from 14.7 million in July to the current 14.4 million. This marks the third major profit-taking phase since 2023 and is consistent with past patterns that have preceded short-term corrections or drops of over 10%. CoinDesk concluded that as long as the 365-day moving average provides support, the current price action should be viewed as a temporary correction phase rather than a broader trend reversal.