Bitcoin’s $120k Stalled: Shrinking Illiquid Supply Raises Market Concerns

Bitcoin’s journey towards the $120,000 target is facing potential hurdles as a shrinking illiquid supply of Bitcoin held by long-term holders emerges. This trend, coupled with market fluctuations, could impact both Bitcoin and related cryptocurrencies. 62,000 BTC recently exited long-term wallets, suggesting significant shifts in market sentiment. The result has been increased selling pressure and volatility, leading to a price drop from $126,000 to under $110,000. This drastic move wiped out over $19 billion in leveraged positions held by traders, impacting many negatively.