Recent concerns over Bitcoin selling pressure may be exaggerated, as on-chain data reveals that a significant movement of 800,000 BTC by Coinbase in late November has skewed analysis. This large transfer has distorted metrics, making it appear as though long-term holders are selling more than they actually are. In reality, long-term holder selling remains consistent with historical cycles. Despite the apparent selling pressure, the NVT Golden Cross indicates that Bitcoin is in a balanced valuation phase. Additionally, Bitcoin's Relative Strength Index (RSI) is approaching oversold territory, although the price remains below key Exponential Moving Averages (EMAs). Looking ahead, Galaxy Research's Alex Thorn predicts Bitcoin could reach $250,000 by late 2026, suggesting optimism for the cryptocurrency's long-term prospects.
Coinbase BTC Movement Distorts On-Chain Data, Long-Term Holders Steady
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