Bitcoin (BTC) price failed in its recent attempt to break through the $110,000 resistance, reigniting concerns among investors. The sharp fluctuations over the past month, coupled with profit-taking and weak market confidence, have caused Bitcoin to falter. On-chain data analysis shows that long-term investors (LTH) have slowed down their selling, with their holdings decreasing by around 46,000 BTC in recent days. This trend could be a sign of long-term confidence or fatigue from frequent selling. Meanwhile, miners have played a prominent role in the selling. After Bitcoin failed to break through $115,000, miners have sold around $172 million worth of Bitcoin, the largest outflow in six weeks. This is likely a sign of miners being cautious and taking profits in volatile market conditions. Bitcoin is currently trading at $107,590, having lost the key support at $108,000. If miners’ selling intensifies, the price could fall to $105,585 and short-term selling pressure could increase. On the other hand, a consolidation above $108,000 and a reduction in selling pressure could pave the way for a re-ascent to $110,000 and even $112,500.
