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Checkmate: Bitcoin has not broken new highs for a long time due to selling pressure from long-term holders.
According to Gate News bot and CoinDesk, Bitcoin has been consolidating above $100,000 since the beginning of May. The price only fell below $100,000 once on June 22, during the weekend when tensions between Iran and the United States escalated.
However, due to the typically lower trading volume on weekends, cryptocurrencies are the only industry that continues to trade, so the price movements on weekends are often not very reliable.
Despite ongoing discussions globally about publicly traded companies acquiring Bitcoin, and the existence of exchange-traded funds (ETF) in the United States, investors are still puzzled as to why Bitcoin has not yet broken through its historical high of $112,000.
On-chain data, especially the supply data broken down by year, shows that investors who have held Bitcoin for at least 3 years, and even more than 10 years, are selling off Bitcoin in large quantities.
Analyst Checkmate provided this data and commented, "Look at the market manipulators selling off to drive down prices; they got into Bitcoin more than three years ago and absolutely won't sell for profit during a bull market... Too much paper data."
Checkmate further added, "It's always in a sideways consolidation. Suppression == boring." The Bitcoin market has been consolidating for a while, which is typically where the market suppression theory prevails. However, data indicates that the ongoing selling pressure continues, rather than a deliberate suppression.