Bitcoin’s Rally Faces Resistance as Old Holders Cash Out
According to on-chain analytics platform Glassnode, Bitcoin’s recent surge above $111,000 is encountering headwinds from long-term holders who are finally starting to sell.
By analyzing the Cumulative Volume Delta (CBD) Heatmap from the cycle low in June 2022, analysts have identified a structural shift: the very price zones that once supported accumulation are now becoming areas of distribution.
As price advanced through previous consolidation levels, these supply-dense zones—once marked by horizontal movement—have flipped from support into resistance.
The heatmap reveals this transition clearly, as it maps net buying versus net selling intensity across time and price.
Key Selling Zones Identified
The most significant sell pressure is coming from two key historical accumulation zones: $25,000–$31,000 and $60,000–$73,000. Holders who bought during these phases and sat through extended periods of market volatility are now offloading their positions as BTC approaches new highs.
This wave of distribution has created a supply overhang, which is likely contributing to the recent stall in upward momentum. While it doesn’t necessarily signal a reversal, it does suggest that continued upside may require fresh demand strong enough to absorb this released supply.
Conclusion: Bullish Momentum Meets Long-Term Profit-Taking
Bitcoin’s macro trend remains constructive, but Glassnode’s data shows that profit-taking by seasoned investors is starting to weigh on the rally. Until this overhead supply is cleared or absorbed, further breakout attempts could face short-term resistance, particularly around previously established psychological and technical zones.
As always, watching on-chain behavior remains crucial for anticipating inflection points in market structure.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
