Bitcoin Struggles to Maintain Price Stability
Bitcoin’s price has had a tough time staying above $102,000 recently, mainly due to an imbalance between selling pressure and new demand.
On-chain data from CryptoQuant indicates that while long-term holders are cashing in on their investments, the market is struggling to absorb this selling activity. This situation contrasts with earlier phases of the bull market, where rising demand usually matched the selling from long-term holders.
Long-Term Holders Selling Amidst Bull Cycle
According to insights from CryptoQuant, shared by Julio Moreno, the head of research at the platform, there’s a notable shift in Bitcoin holder behavior that could influence the cryptocurrency’s future trajectory.
Moreno mentioned that it’s typical for long-term holders (LTH) to sell during bull markets, especially as Bitcoin nears or surpasses historical highs. Data reveals that since early October, LTH spending—represented by a purple line in the accompanying chart—has been on the rise.
This current trend follows the patterns seen in earlier bull market surges, like those in early and late 2024, where profit-taking and increased demand led Bitcoin to new heights.
In the graph linked to Moreno’s update, green areas highlight times of positive demand growth, while red areas signify contractions in demand. For instance, declines in LTH activity were noted from January to March 2024 and November to December 2024, coinciding with periods of demand expansion.
However, the scenario has shifted drastically since October 2025. Even though LTH selling has increased, demand has dipped into the red zone. This suggests the market is becoming less capable of handling the selling pressure, which makes it challenging for Bitcoin to maintain levels above $102,000. The upward momentum in prices might be fading.
Potential Delay in Bitcoin’s Next Rise
Moreno emphasized that it’s critical to focus not only on the amount of selling by long-term holders but also on whether demand can continue to grow. When demand is robust, the influx of supply often leads to healthy price consolidation before another surge. On the flip side, stagnant demand typically results in prolonged adjustments or plateaus.
Most of the current demand appears to be from spot Bitcoin ETFs, but inflows have sharply declined. The US-based Spot Bitcoin ETF reported a significant net outflow of $558.44 million on November 7, marking the largest single-day outflow in a while, according to SosoValue’s data.
If Bitcoin’s apparent demand doesn’t pick up soon and LTH selling continues, this could weigh heavily on future price trends and delay the next rally. In such a case, Bitcoin might continue to hover between $101,000 and $103,000 for the rest of November.
As of now, Bitcoin is trading at $101,655, reflecting a 0.6% decrease over the last 24 hours.
