Bitcoin traders are shifting focus from short-term price fluctuations to long-term investor behavior, particularly those who bought in the past six to twelve months. According to blockchain data analysis by CryptoQuant CEO Ki-young Ju, a significant portion of buyers entered at prices around $94,000. If these investors remain profitable, they have no incentive to sell, despite current market volatility. However, if they fall below break-even, history indicates liquidation may occur. This is because long-term holders are unlikely to be pressured into selling until their entry price shifts from support to resistance. This distinction matters in the context of recent market turmoil fueled by global uncertainty and shifting Fed policy expectations. While price action is unsettling, it’s not indicative of a trend reversal until we see pressure on these long-term investors, triggered when their entry point flips into resistance.