TLDR
- Bitcoin remains in a long-term ascending channel with an upper technical target near $140,000.
- Long-term holders have sold over 371,000 BTC since July, creating selling pressure.
- The approval of a new $2,000 stimulus in the US reinforces the macro bullish thesis, similar to 2020.
The pioneer cryptocurrency, Bitcoin, continues to trade steadily within a long-term ascending parallel channel, amid a technical structure that has defined its price action since the beginning of 2024. According to an analysis from the Bitcoinsensus platform, the upper boundary of this channel projects a potential target near $140,000 if the structure holds in the coming months.
The price’s resilience, having hovered around $106,000 this week, has strengthened bullish sentiment. Traders are closely watching the channel’s support line, now located near $95,000, looking for confirmation of new momentum. The current structure suggests the next leg up could begin before the end of the year.
“Whale” Profit-Taking Intensifies
But, the digital asset’s path to new highs faces a significant obstacle. On-chain data from Glassnode, shared by analyst Ali, reveals that long-term holders (LTH) are taking advantage of the rally to take profits. The report reveals that these “strong hands” have actively sold more than 371,000 BTC since this past July.
This behavior undoubtedly introduces notable BTC long-term holder resistance into the market. Historically, this type of behavior from experienced investors is characteristic of the advanced stages of consolidation, just before the cycle reaches new highs. While this confirms the strength of demand, it also warns of possible short-term volatility.
Countering this selling pressure, the macroeconomic landscape reinforces the bullish thesis. Analyst Crypto Rover compared the current conditions to the 2020 Bitcoin breakout, which was driven by the CARES Act stimulus.
With the recent approval in the US of the “Trump Tariffs $2,000 Stimulus Bill,” analysts argue that the liquidity expansion scenario is repeating. If history “rhymes,” the confluence of fiscal stimulus and technical strength could be the necessary catalyst to overcome the BTC long-term holder resistance and propel Bitcoin toward the $140,000-$150,000 zone.
