Bitcoin faces strong resistance. The resistance of the static level of $30,000 and the resistance of the descending channel, if it fails to break up, the recent price increase should be considered as a retracement in the downward trend. Below these resistances, we see an increase in sales by long-term holders. Onchain data shows that 5-7 year holders have moved more than 6,000 units in the past two weeks. The transfer of bitcoins has also increased among investors of 3-5 years and more than 10 years. This indicates increased selling pressure by long-term holders in recent weeks

Written by CryptoOnchain