Bitcoin Long-Term Holder Supply Drops as Price Tests $64,300 Resistance

BTC supply held by long-term investors declines from record highs while price presses against $64,300 resistance, testing buyer absorption capacity.

Woofun AI data shows that Bitcoin supply attributed to long-term holders has decreased after reaching a record high, indicating dormant coins are re-entering circulation. This on-chain shift coincides with BTC testing the upper boundary of a descending channel near $63,500 and horizontal resistance at $64,300.

The asset remains above its 50-day SMA but faces further hurdles at the 100-day SMA near $68,466 and the 200-day SMA around $70,809. Analyst Michaël van de Poppe identifies the 50-week moving average as a key longer-term barrier. The decline in long-term holder supply reflects increased activity but does not confirm a cycle stage, as market structure now includes institutional participants via spot ETFs.