Bitcoin long-term hodlers begin 'distribution' which preceded BTC price bottoms

Bitcoin long-term hodlers begin 'distribution' which preceded BTC price bottoms

Bitcoin (BTC) stayed wedged in a tight range on June 4 as traders' demands for a new macro low persisted.

Bitcoin (BTC) stayed wedged in a tight range on June 4 as traders' demands for a new macro low persisted.

Long-term holders begin 'distribution'

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD stuck between $29,000 and $30,000 into the weekend.

The pair had managed a revival to near $31,000 the previous day, but the last Wall Street trading session of the week put pay to bulls' efforts.

The pair had managed a revival to near $31,000 the previous day, but the last Wall Street trading session of the week put pay to bulls' efforts.

As "out-of-hours" markets offered thin volumes but little volatility, eyes were on the potential direction of what would be an inevitable breakout.

As "out-of-hours" markets offered thin volumes but little volatility, eyes were on the potential direction of what would be an inevitable breakout.

A further post reiterated a target of between $22,000 and $24,000 for Bitcoin once that forecast drop took hold.

A further post reiterated a target of between $22,000 and $24,000 for Bitcoin once that forecast drop took hold.

"I am looking for another drop down to $24000 - $22000, but of course distribution takes time. So we may be hovering around this support zones before any drops just yet," it read.

"Currently, the long-term holders are entering the capitulation phase and are selling at a loss, indicating that the smart money accumulation phase has begun, 

and the next few months would present a great opportunity for long-term investing in the market," the post read. It noted that such a capitulation event "usually marks a multi-year bottom."