Selling Pressure on Bitcoin Increases as New Holders Take Profit

Selling pressure on Bitcoin (BTC) has increased again after investors holding Bitcoin for 6-12 months realized massive profits. In one day, this group sold Bitcoin worth US$904 million or 83% of the total daily profit-taking, thus restraining the rise in Bitcoin prices.
Meanwhile, long-term holders who have held Bitcoin for more than 12 months are actually reducing their selling activity. Data shows that profit-taking from this group has decreased drastically, indicating a higher confidence to hold assets amid market volatility.
The selling action from new *holders* caused Bitcoin to drop from US$108,990 to around US$106,853, bringing Bitcoin back into a consolidation phase. As long as this selling pressure remains high, the price is expected to move sideways in the range of US$103,000–US$105,000.
If the selling pressure from new holders begins to ease, the chances of a breakout upwards will open wide. Meanwhile, old holders are expected to continue to act as a stabilizing buffer for the market, keeping Bitcoin strong amidst fluctuations.
As information, Bitcoin is currently experiencing a decrease of 2.4% in the last 24 hours and is at the level of US$104,927 as this article was written on Wednesday (18/06) morning.