Bitcoin Price Stabilizes Amid Global Selloff, Long-Term Holders Continue Selling

The cryptocurrency market is facing a tumultuous period, with a global selloff in chipmakers dragging risk assets lower. Bitcoin, which had briefly touched $65,000 following a soft inflation print, has retreated to around $63,000. This price stabilization suggests that the market may be nearing a bottom, with long-term holders continuing to sell their coins at a loss. According to data, nearly two-thirds of the coins moving onto exchanges are from long-term holders, who are likely taking losses as the market corrects. This selling pressure has been a major contributor to the price drop, but it also indicates that the market may be close to finding a bottom. The fact that Bitcoin supply in loss has hit 50% nearly 50 days ago, mirroring the countdown to bear-market bottoms, further supports this theory. As the market stabilizes, investors are likely to take a closer look at the fundamentals and technicals, which could lead to a potential rebound in the coming weeks. The market's response to this selloff will be crucial in determining the next direction of Bitcoin's price.

The current market conditions suggest that Bitcoin may be nearing a bottom, with long-term holders continuing to sell their coins at a loss.