Bitcoin Long-term Holders Signal Potential Price Uptrend

The price of Bitcoin may avoid fresh lows due to increased long-term holder supply and bullish technical signals. On-chain data shows that long-term holders have accumulated over 15 million BTC, accounting for 71.6% of the circulating supply.

This trend suggests that Bitcoin is entering a long-term expansion phase, which could indicate that the price will continue to rise. The relative strength index (RSI) has also retested the 50 level, historically a sign of a potential uptrend.

Crypto analyst Sykodelic noted that this move came after 105 days since Bitcoin's weekly RSI entered oversold territory for only the fourth time on record. In the past, Bitcoin has formed new lows when the RSI never retested 50 during the recovery attempt.