Bitcoin’s Price Struggles to Maintain Stability Above $102,000 Amid Shifting Market Dynamics
Bitcoin’s price has struggled to maintain stability above the $102,000 mark in recent days. On-chain data indicates that this difficulty stems from an apparent imbalance between selling pressure and fresh demand.
### Long-Term Holder Selling Pressure Increases
Data from on-chain analytics platform CryptoQuant, shared by Julio Moreno, head of research at CryptoQuant, reveals a notable shift in Bitcoin holder behavior that could influence the cryptocurrency’s next move. Moreno explains that selling activity by long-term holders (LTHs) is a normal pattern during bull markets, as investors take profits when Bitcoin nears or surpasses all-time highs.
Since early October, the 30-day sum of LTH spending—represented by the purple line in CryptoQuant’s chart—has been rising. This mirrors previous bullish phases seen in early and late 2024, when increased profit-taking from LTHs coincided with expanding demand, pushing Bitcoin to new record prices.
### Past Bull Cycles Showed Rising Demand Offsetting Selling
The accompanying chart highlights green areas representing positive apparent demand growth and red areas indicating contraction. Between January and March 2024, as well as November and December 2024, LTH sell-offs took place alongside rising demand. This allowed the market to absorb the increased supply effectively, leading to further price rallies.
### Current Trend Shows Weakening Demand
However, since October 2025, this trend has reversed. Even as LTH selling has continued to increase, demand has entered a red zone, signaling that the market’s capacity to absorb selling pressure has weakened. This coincides with Bitcoin’s struggle to sustain levels above $102,000, suggesting that the momentum behind price growth may be fading.
### Sustained Weak Demand Could Delay Next Rally
Moreno notes that the key factor to monitor isn’t just the volume of LTH sell-offs but whether demand growth can keep pace. When demand remains strong, the influx of supply from long-term holders typically results in healthy consolidation, setting the stage for another price surge. Conversely, when demand lags, prolonged corrections or sideways price movement often follow.
A significant portion of current demand stems from US-based Spot Bitcoin ETFs, which have experienced a sharp decline in inflows. Data from SosoValue shows that these ETFs recorded net outflows of $558.44 million on Friday, November 7—one of the largest single-day outflows in recent weeks.
### Outlook: Potential Consolidation Through November
Unless Bitcoin’s apparent demand recovers in the coming weeks alongside ongoing LTH sell-offs, the prevailing selling pressure may continue to weigh on price action, delaying the next leg of Bitcoin’s rally. In such a scenario, Bitcoin could consolidate between $101,000 and $103,000 for the remainder of November.
At the time of writing, Bitcoin is trading at $101,655, down 0.6% over the past 24 hours.
*Featured image from Unsplash, chart from TradingView.*
https://bitcoinethereumnews.com/bitcoin/big-bitcoin-holders-are-selling-but-few-buyers-are-stepping-in-as-demand-weakens/