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.
LTH: (Source: Glassnode)
SOPR and Spending: (Source: Glassnode)
The post Resistance at roughly $28.6k could last a while as long-term holders take profits appeared first on CryptoSlate.
