Long-term Bitcoin holders show confidence as prices consolidate

Bitcoin (CRYPTO:BTC) has been in a consolidation phase for the past two months, fluctuating between $50,000 and $64,700. 

Despite these price challenges, a growing trend among long-term Bitcoin holders (LTH) has caught the attention of market analysts—these holders are not moving their coins. 

According to CryptoQuant analyst Darkfost, this behavior indicates a potential decrease in selling pressure, which could have significant implications for Bitcoin's market trajectory. 

Darkfost notes that long-term holders' decision to keep their assets suggests a strong belief in Bitcoin’s future price growth. 

Even though the cryptocurrency has struggled to regain the $67,000 level, this holding pattern demonstrates confidence in Bitcoin’s potential, which is often a positive sign for the market. 

Fewer long-term holders selling their coins reduces the overall selling pressure, helping to stabilize Bitcoin’s price. 

Historically, when there is no significant sell-off from these holders, Bitcoin tends to either maintain its value or prepare for a price increase. 

While immediate bullish action might not be evident, the continued holding by long-term investors could set the stage for a future price rally. 

Adding to this, the upcoming U.S. Presidential Election in 2024 is another factor that could influence Bitcoin’s trajectory. 

With 41 days remaining, the potential for a pro-crypto candidate to win, such as Donald Trump, has generated excitement in the market. 

Trump has previously suggested turning the U.S. into a "crypto planet" and making Bitcoin a strategic reserve, which could provide a significant boost to the cryptocurrency. 

At the time of reporting, the Bitcoin price was $63,654.01.