This pattern has appeared three times since late 2023, triggering BTC price corrections
Bitcoin Short fell below $ 100,000 For the first time since June on Tuesday, reaching lows of nearly $98,951. The fall took the largest cryptocurrency below the two key support levels needed to sustain the current bull market, raising concerns the fall could gather steam.
The two levels, the 365-day simple moving average (SMA) and the 365-day exponential moving average (EMA), are currently $102,055 and $99,924, respectively. Both have been tested during this bull cycle.
In August 2024, Bitcoin used the 365-day SMA, the average closing price during that period gives equal weight to each other, as a key level of support around $ 48,963, while briefly dipping under the EMA price, giving more weight to recent readings. Then, in April’s “tariff tantrum“
Where does pressure selling come from?
Selling pressure continued to emerge long term holderdefined as investors who hold their bitcoin for at least 155 days. The supply held by this cohort is about 14.4 million BTC, down from more than 14.7 million BTC at the peak in July.
This marks the third known selling wave of this group since late 2023. Each time added downward pressure leading to price consolidation or even correction – drops of 10% or more – after a period of rallying prices. The previous example occurred during the November 2024 rally following President Trump’s election victory.
