Bitcoin is trading at a decisive point after recently setting new all-time 
highs, but momentum appears to be shifting. Despite briefly pushing past 
$120,000, BTC failed to sustain levels above its record, and the breakout 
above ATH remains unconfirmed. This lack of follow-through has fueled bearish 
speculation, with some analysts warning that the market could be facing 
increased downside risk in the short term. Related Reading: Memecoins Lose 
Ground In Market Share As Ethereum Absorbs Liquidity At the same time, on- 
chain data paints a more constructive picture for long-term stability. 
According to the latest insights, the Long-Term Holder (LTH) cohort—those 
holding Bitcoin between six months and two years—has significantly increased 
its supply. Since April, when BTC was trading at $83,000, their holdings have 
grown from 3.551 million BTC to 5.191 million BTC, a remarkable increase of 
1.64 million BTC. This accumulation suggests strong conviction among seasoned 
investors, even as short-term volatility challenges the market. While traders 
focus on whether Bitcoin can reclaim $120,000 and establish a firm breakout, 
the ongoing buildup by long-term holders reinforces the broader bullish 
structure. The clash between short-term weakness and long-term strength will 
likely define Bitcoin’s next major move. Bitcoin Long-Term Holders Signal 
Strength According to top analyst Axel Adler, Bitcoin’s latest test of the 
all-time high at $118,000 showed a very different behavior compared to past 
cycles. During this move, long-term holders (LTHs) who have been holding coins 
between six months and two years engaged in some profit-taking. Data reveals 
their seven-day average spending climbed to 20,000 BTC. However, this level is 
far below the typical distribution spikes of previous cycles, where spending 
often surged to between 40,000 and 70,000 BTC. This more moderate selling 
activity suggests that the conviction among long-term holders remains strong. 
Rather than aggressively taking profits, many are choosing to continue 
accumulating or simply holding their positions. Adler highlights that 
accumulation still outweighs distribution, reflecting confidence in the 
market’s future direction. Such behavior from experienced participants 
typically signals a healthier, more sustainable bull phase, where selling 
pressure is absorbed without disrupting the broader uptrend. Despite this 
encouraging backdrop, Bitcoin faces a crucial technical test. To confirm the 
strength of the latest move, BTC needs to decisively push above the $125,000 
level. A breakout beyond this resistance would likely validate the resilience 
shown by long-term holders and open the path toward further price discovery. 
If bulls succeed, the combination of institutional demand, long-term 
accumulation, and reduced selling pressure could drive the next major rally. 
Conversely, failure to reclaim $125,000 in the near term might give bears room 
to test lower levels before the next leg up. Related Reading: Bitcoin STH 
SOPR-7d Signals Healthy Demand: Market Absorbs Selling Pressure Testing 
Support After ATH Rejection Bitcoin’s 4-hour chart shows price retreating 
after a sharp rejection near $123,200, just below the recent all-time high at 
$124,000. Following this failed breakout attempt, BTC has slipped back toward 
$117,300, where it is currently holding above the key confluence of the 100 
and 200 moving averages. This zone between $116,900 and $117,600 is acting as 
immediate support. A decisive breakdown here could expose further downside 
toward $115,000. However, the moving averages continue to slope upward, 
reflecting an underlying bullish structure despite the short-term weakness. 
Related Reading: TRON Long-Term Holders See Massive Gains As TRX Pushes Toward 
Multi-Year Highs The repeated rejection at $123,000–$124,000 highlights the 
importance of this resistance. Bulls will need to reclaim this zone with 
conviction to confirm momentum and extend the uptrend toward higher levels. 
Until then, the market remains in a consolidation phase, with traders closely 
watching if support at the $117K region holds. Featured image from Dall-E, 
chart from TradingView

Bitcoin Data Shows Accumulation Prevails As LTH Selling Pressure Eases

Gemini, the Winklevoss-founded crypto exchange and custodian, has filed to 
list on Nasdaq under ticker GEMI, revealing steepening losses ahead of its 
IPO.

Winklevoss’ Gemini files for Nasdaq listing after strong Bullish debut

Hive Digital Technologies reported its strongest quarterly performance to date 
for the first quarter of fiscal year 2026, ending June 30, with $40.8 million 
in digital currency mining revenue. Digital Currency Mining Revenue Surges 
Bitcoin miner Hive Digital Technologies (Nasdaq: HIVE) has posted its 
“strongest” quarterly performance to date, driven by surging bitcoin ( BTC) 
[…]

Hive Posts $45.6M in Total Revenue, Fueled by Bitcoin Mining Boom

The outflow day for spot Ether ETFs comes just after Ether narrowly missed 
reclaiming its 2021 all-time high.

Spot Ether ETFs post outflows after 8-day $3.7B inflow streak

Amid the recent market pullback, Solana (SOL) is attempting to reclaim a 
crucial area to continue with its bullish rally. Some analysts have suggested 
that the cryptocurrency will likely break out to new highs if a key support 
level is held. Related Reading: Cardano (ADA) Remains Green Despite Market 
Pullback – Is It Ready For A 70% Run? Solana Back Below $200 Earlier this 
week, the market soared under the lead of the two largest cryptocurrencies. 
Bitcoin (BTC) hit a new all-time high (ATH) of $124,000, and Ethereum (ETH) 
hit a multi-year high of $4,788 in the early hours of Thursday. Nonetheless, 
higher-than-expected macroeconomic signals and the US’s decision not to 
purchase BTC for its Strategic Reserve sent the market into a nosedive, with 
most tokens bleeding throughout the day. Solana, which had just climbed to an 
eight-month high of $209, saw a 10% drop from the highs, retesting the 
recently reclaimed $190 support level. Price continues to dip after the US 
Securities and Exchange Commission (SEC) announced it had pushed back its 
decision on multiple Spot SOL exchange-traded funds (ETFs). “The Commission 
finds that it is appropriate to designate a longer period within which to 
issue an order approving or disapproving the proposed rule change so that it 
has sufficient time to consider the proposed rule change, and the issues 
raised therein,” the regulatory agency stated. The SEC delayed the final 
deadline for the decision on Bitwise, 21Shares, VanEck, Grayscale, and Canary 
Capital Solana ETFs for two months, pushing it to October 16, 2025. Despite 
the delay, ETF expert James Seyffart suggested that the SEC’s decision is not 
a bad sign, adding that he expects standard spot SOL ETFs to be approved by 
mid-October “at the latest.” The altcoin dropped to the $188 area before 
bouncing. After the brief market recovery, SOL continued to retest the 
$180-$190 area, hovering between the $184-$186 support zone throughout Friday 
afternoon. Last Dip Before New Highs? Analyst Ali Martinez offered a positive 
outlook for the cryptocurrency, affirming that Solana might be offering “a 
final buy-the-dip chance” before a potential 100% rally from current levels. 
The analyst pointed to a six-month ascending triangle pattern on the altcoin’s 
chart, which targets the $360 area once it breaks out of the formation. 
Notably, SOL has retested the pattern’s resistance twice since the July 
breakout, with its latest rejection occurring on Thursday. Amid the recent 
performance, Martinez also noted that wallets holding over 10,000 SOL tokens 
hit a new ATH this week, with 5,224 wallets holding around $2 million worth of 
Solana each. Related Reading: Ethereum Eyes ‘Final Boss’ Level, But Analyst 
Says Weekly Close Is Key For Price Discovery Run Meanwhile, Sjuul from 
AltCryptoGems asserted that the cryptocurrency is “trading in a perfect 
uptrend, already tested the resistance at $200 three times,” highlighting 
SOL’s four-month ascending channel. To the market watcher, Solana will likely 
break out and move to ATH levels soon if it holds above the $180 level, which 
has been a crucial support and resistance area for the altcoin this cycle. As 
of this writing, SOL is trading at $184.9, a 4.7% decline in the daily 
timeframe. Featured Image from Unsplash.com, Chart from TradingView.com

Cryptocurrency price in USD