Bitcoin Holds Steady as Early Adopters Cash Out Amid Institutional Buying Frenzy
Bitcoin's price action flatlines while original wallet holders finally take profits—just as Wall Street comes knocking.
The Great Wealth Transfer
Long-term holders are selling into institutional demand that's hungrier than a crypto bull during halving season. Old-school bitcoiners who bought at pizza-money prices are finally liquidating positions, creating a perfect equilibrium with corporate treasury purchases.
Market Mechanics at Play
Sideways trading continues as supply meets unprecedented institutional appetite. The very investors who once mocked digital gold now scramble to accumulate—proving once again that in finance, principles are just temporary positions waiting for the right price.
This stalemate between OG sellers and suit-and-tie buyers creates the ultimate irony: the decentralized revolution being bankrolled by the very institutions it sought to replace. Guess everyone has their price—even bitcoin maximalists.
Bitcoin selling pressure and market dynamics
A new report by 10x Research, published on Oct. 21, highlights two major forces holding Bitcoin back. The first is that digital asset treasury firms have slowed their buying, with companies like Strategy now adding smaller amounts of Bitcoin compared to previous quarters. The second is that long-term holders are selling into the demand created by Bitcoin exchange-traded funds.
This steady selling has prevented a strong breakout, keeping prices in a tight range near $110,000. According to 10x Research, Bitcoin’s performance depends more on new capital entering the market than on interest rates or macroeconomic policy. Without a clear wave of new inflows, volatility is expected to stay low and the price action subdued.
This view is supported by another Oct. 21 analysis by CryptoQuant Arab Chain. They pointed out that in October, sellers dominated Bitcoin futures, which caused the long/short ratio to drop to 0.955. This implies that traders are exercising caution and have a slight bearish outlook. Despite this, Bitcoin has held above $107,000, showing that buyers are still active at lower levels.
Bitcoin price technical analysis
Bitcoin’s technical indicators reflect a neutral-to-bearish setup. Although the momentum has slowed, the relative strength index, which is at 40, has not yet reached oversold territory. Both the momentum and MACD indicators continue to send sell signals, confirming mild downside pressure.
All of the major moving averages from the 10-day to the 200-day line are above the current price. This points to a bearish trend for the medium term. While resistance can be found between $112,000 and $115,000, immediate support is located near $107,000.
Bitcoin could fall back toward $102,000 if it is unable to maintain its current range. On the upside, a strong MOVE above $115,000 might pave the way for a return to $120,000 and higher.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
