Resistance at roughly $28.6k could last a while as long-term holders take profits
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Quick Take
- Long-term holders are defined as holding Bitcoin for six months or longer.
- This cohort is spending at a profit for the first time since May 2022.
- The spending cost basis of LTHs is roughly $28,600; due to the magnitude of this bear market, it is understandable profits are being taken.
- LTHs have currently spent around 100,000 Bitcoin in the past few days.
- A similar pattern can be seen in 2019 when emerging from the bear market.
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