Bitcoin Under Pressure: Long-Term Holders Sell 245K BTC Amidst Macroeconomic Uncertainty, Signs of a Bottom Emerge

Long-term Bitcoin holders offloaded approximately 245,000 BTC last week as prices dropped below $60,000, a move that has sparked debate about a potential market bottom. This significant selling activity by seasoned investors occurred against a backdrop of shifting macroeconomic cues, including persistent inflation fears and a hawkish stance from the U.S. Federal Reserve, which have dampened appetite for risk assets. Rising Treasury yields and geopolitical uncertainties have further pressured Bitcoin. However, signs of a potential recovery are emerging. A fresh wave of dip-buyers has entered the market, absorbing selling pressure at lower price levels, indicating opportunistic accumulation. On-chain metrics and a shift in market sentiment from euphoria to caution also suggest that capitulation might be near. The coming weeks will be crucial, with investors keenly watching economic data and Bitcoin's ability to reclaim key price levels like $60,000 to determine if the market has indeed bottomed or if further downside is anticipated.