The next rally of Bitcoin will begin when OGs finish selling.

The price of Bitcoin is facing a challenging road ahead, as long-term holders continue to take profit, according to analysts.

Analyst James Check stated on Sunday that the failure of the cryptocurrency market is not due to manipulation, Bitcoin paper ( could be derivative products, options, or securities representing Bitcoin but without actual underlying assets ) or repression, but “merely due to traditional-style sellers.”

James Check also stated that the volume of selling pressure from current Bitcoin holders has not yet been accurately assessed, and this is the “source of resistance” at this moment.

The analyst shared a chart showing that the average age of spent coins has increased throughout the cycle, indicating that long-term holders are the ones selling.

Another chart shows that realized profits have surged to 1.7 billion USD per day, while realized losses have also increased to 430 million USD per day, reaching the third highest level in this cycle.

At the same time, the “recovery supply” from old coins has reached a second-highest level of 2.9 billion USD per day.

Old coins are returned to the supply when long-term players take profit | Source: James Check## Bitcoin OGs take profit

Cryptocurrency investor Will Clemente stated that “the past year has been a relatively weak year for BTC primarily due to a transfer of supply from OGs to TradFi,” which can be confirmed through on-chain data.

“This motivation will gradually become less important in the coming years, as people are focusing on the relative weakness of BTC.”

CEO of Galaxy Digital, Mike Novogratz, agreed with this view in an interview with Raoul Pal last week.

“There are many people in the Bitcoin world who have held onto this asset for so long and finally decided, 'I want to buy something,'” he said, referring to friends who bought a yacht and a share of a sports team.

“People are reducing their positions because they have had a great run and we are just digesting that transfer.”

Mr. Novogratz also confirmed that the only supply his company sees is from “the old OGs” and miners.

Weekly close holds support

Bitcoin has maintained support with a weekly closing candle at 108,700 USD, according to data from TradingView.

“Continuing to hold at this level could help the price rise to 120,000 USD+ over time. Stability here is extremely important,” analyst “Rekt Capital” said on Sunday.

At the time of writing, this asset has regained the level of 111,000 USD, but still faces a lot of resistance just above this level.

Mr. Giáo