Bitcoinโs market may be nearing a turning point, as first-time buyers pile in while long-term holders grow cautious, according to blockchain analytics firm Glassnode.
Around May 28, Bitcoin momentum buyers chasing quick gains dropped significantly, while profit takers locking in gains surged, a pattern often seen near local market tops.
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Despite this, the first time Bitcoin buyers remain active, with strong entry demand indicated by a 30-day RSI above 90.
Meanwhile, so-called โsmart money,โ or investors holding Bitcoin for 3 to 5 years, still controls nearly 12% of the total supply.
Glassnode warns that these long-term holders, known for selling into price strength, could trigger a wave of selling, potentially capping gains if Bitcoin rallies.
Adding to the mixed signals, Bitcoinโs network security has recently hit a record high hashrate, a bullish sign for the long term.
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