Bitcoin experienced a sharp drop below the $100,000 mark as long-term holders sold over 815,000 BTC in recent days. This selling pressure contributes to supply overhang and weakens price support. The cryptocurrency market is facing challenges from a combination of factors including economic uncertainty and risk-off sentiment. The fall comes amid increased sales from long-term holders who have been profiting from the recent rally, coinciding with high leverage positions near key price levels. 815,000 BTC were sold in the last 30 days, a significant amount since January 2024, according to market data. Analysts attribute this activity to profit-taking by experienced holders. The long-term selling is adding to existing supply overhang and contributing to the weakening price support for Bitcoin. Market observers highlight a growing imbalance between support and resistance zones. The current downward trend has triggered concerns about a potential sweep towards $98,000. The recent decline in Bitcoin’s price is also affecting other cryptocurrencies such as Ethereum (ETH) and Solana (SOL). However, some experts remain cautiously optimistic. While the market remains volatile with high expectations for continued volatility due to reduced institutional investment and ETF withdrawals, it remains a matter of debate whether or not the market will continue to rise.