Bitcoin is ”bearish” at $108,000 range as more long-term holders join

The price of Bitcoin, which exceeded $110,000, has undergone a slight correction and fallen to the $108,000 range. The United States and China have reached an agreement in the second round of trade negotiations, but the details have not yet been made public.
In addition to the lack of a stable supply of cryptocurrencies, this is also being analyzed as being due to rising tensions in the Middle East. At 10:20 a.m. on the 12th, Bitcoin was trading at 100,000, up 0.98% from the same time the previous day on CoinMarketCap.
The current average price is $8,613. The price has fallen slightly, but the number of long-term holders is increasing. Cryptoquant reports that the amount of Bitcoin held by centralized exchanges is steadily decreasing.
This can be interpreted as meaning that the number of long-term holders is increasing. Typically, institutional investors who hold Bitcoin for the long term buy Bitcoin on exchanges.
After that, they often withdraw the funds to other wallets and store them there. In addition, while the company said that "long-term holders who have held Bitcoin for 155 days or more are beginning to realize profits," it also said, "However,
The amount of Bitcoin held by holders is still increasing. This is because some long-term holders are selling, but more Bitcoin than the amount being sold is being converted into long-term holdings, which is putting pressure on the holders to sell.
This means that their forces are offsetting each other."