Bitcoin Faces Selling Pressure as Short-Term Holders Cash Out $904 Million

Bitcoin (BTC) is currently under renewed selling pressure as a wave of short-term holders begin to lock in their gains. According to recent on-chain data, investors who have held Bitcoin for between 6 to 12 months offloaded a staggering US$904 million worth of BTC in a single day — accounting for 83% of total daily profit-taking activity.

This significant sell-off has put a brake on BTC’s upward momentum, which had previously been trending toward a breakout. In contrast, long-term holders, those who have held BTC for over a year, have significantly reduced their selling activity, suggesting increased confidence in holding their coins despite ongoing market volatility.

Short-Term Profit-Taking Slows BTC Momentum

The influx of sell orders from mid-term holders pushed Bitcoin’s price down from US$108,990 to around US$106,853. The move has effectively placed BTC back in a sideways consolidation pattern, a phase where price movement becomes less directional and more range-bound.

Analysts believe that if the current selling pressure persists, BTC could remain trapped between US$103,000 and US$105,000. This range-bound movement may continue until either the selling from short-term holders subsides or a new catalyst emerges.

Despite the downturn, some see this as a natural correction — part of Bitcoin’s cyclical behaviour. The latest dip marks a 2.4% decline in the past 24 hours, with the price sitting at US$104,927 as of Wednesday morning, 18 June (AEST).

Long-Term Holders Signal Confidence

While some investors are opting to take profits, long-time holders — often seen as the backbone of Bitcoin’s market — are holding firm. On-chain data suggests that selling activity from this group has sharply declined, indicating they are not swayed by short-term volatility.

This behaviour suggests a high level of conviction in Bitcoin’s long-term value and a potential buffer against deeper price corrections. Long-term holders often act as a stabilising force, especially during turbulent phases.

What to Expect Next

Looking ahead, the direction of BTC’s price will likely hinge on whether the selling momentum from 6–12 month holders continues. If it slows down and demand stabilises — possibly from institutional flows or ETF-related interest — Bitcoin could attempt a breakout past US$110,000.

However, if the selling continues and market sentiment weakens, we may see further consolidation or even a temporary dip below key support levels.

For now, Bitcoin appears to be at a critical inflection point, where both short-term profit-taking and long-term conviction are shaping its path forward.

Final Thoughts

Bitcoin’s price action often reflects the psychology of its holders. This week’s activity showcases the typical ebb and flow of a maturing market: profit-taking by newer participants balanced by the steady hands of long-term believers. While the short-term might see sideways movement, the long-term fundamentals — particularly reduced sell pressure from whales and strong institutional interest — continue to paint a bullish picture.

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