Analysis: Bitcoin price has reached a key selling zone, and long-term holders are slowing down their profit-taking.

Glassnode's on-chain data shows that Bitcoin has rebounded to the price range that hindered its rise at the end of last year, and profit-taking by long-term holders has slowed significantly. These "long-term holders" who have held Bitcoin for more than five months are currently selling about 12,800 BTC per week to lock in profits, a rate far lower than the more than 100,000 BTC sold per week when the price was above $100,000 last year.