This gap between both groups of holders is visible on the price chart.
Source: TradingView
At the time of writing, Bitcoin was trading around $68,200, above a strong support zone around $64,000. This was amid resistance around the $71K level.
The price moved within a tight range, so the market is hesitant.
When STHs slow their buying, Bitcoin often loses its pace and struggles to move higher. On the other hand, LTH confidence helps prevent deeper declines.
To make a big move, STHs will have to step back forcefully.
Final summary
- LTHs prevent a deeper crash despite weaker STH demand.
- A break above the USD 71,000 resistance will depend on the stronger return of STHs.