- Bitcoin recorded a slight pullback, dropping by 0.66% in the last 24 hours
- Cryptocurrency’s long term holders have been particularly bullish for the year ahead
For nearly 2 weeks, Bitcoin [BTC ($105,120.52)] has traded on an uptrend, with the cryptocurrency climbing to a new high of $109k four days ago too.
Since hitting this level, BTC has seen some minor pullbacks on the charts. In fact, at the time of writing, the cryptocurrency was trading at $104,337 after declining somewhat on the daily timeframe. And yet, the uptrend was as intact as it was a few days ago.
The consistency in BTC’s momentum can be attributed to holders’ behavior, especially long-term holders.
Bitcoin long-term holders lead the market
According to CryptoQuant, Bitcoin is now facing a fierce battle between diamond hands and speculative FOMO.
Owing to the same, long-term holders’ supply dominance has remained high, signaling strong long-term conviction. This cohort continues to accumulate BTC when the price drops and take profits strategically when the price surges. This well-controlled market behavior supports a bullish long-term outlook by limiting mark…