3,800 BTC Added by Long-Term Holders in 30 Days as Bitcoin Eyes $120K

Bitcoin (BTC) was priced at around $118,600 at press time, showing a 4% increase over the last 24 hours and a 6% gain this week. Long-term holders have been on an accumulation spree lately, adding more than 3,800 BTC to their balances on a monthly scale.

Traders and analysts are now watching the charts to see where the market heads next.

Long-Term Holders Increase Exposure

Analyst Ali Martinez reported that wallets holding Bitcoin for extended periods added over 3,800 BTC during the past 30 days. Glassnode data backs this up, showing a net position change of over 3,890 BTC. This activity follows a period of selling in August and early September.

Bitcoin’s price rose from around $112,000 to above $118,000 during the same time. This suggests that long-term holders are building positions as the price climbs, which is often seen as a sign of steady market confidence rather than panic buying or selling.

Interestingly, CryptoQuant’s Long-Term Holder SOPR, which measures whether coins are being sold at a profit or loss, is currently reading around 1.8. This means most long-term holders who are selling now are doing so at a profit.

Throughout the year, this metric has stayed above 1. That tells us holders are not under pressure to sell at a loss. Instead, they appear to be managing their exits carefully, without triggering wider selling across the market.

Price Tests Key Level Once Again

A chart shared by Rekt Capital shows Bitcoin pushing above the $117,300 level. This price acted as a breakout zone in mid-July and is now being tested again. A close above this level followed by a retest could support a move toward $120,000.

Traders are watching closely to see if the setup mirrors the earlier pattern that led to a rally.

New Quarter Opens With a Breakout

A separate chart from Daan Crypto Trades shows Bitcoin breaking out of a downward trend channel that had held since July. The close at the start of October, near $118,600, marked a clean move above resistance.

Daan noted that staying above $112,000 would help keep the trend intact. He also said that the start of a new month and quarter often brings short-term volatility. Still, the broader setup remains in favor of continued strength as long as the price holds above key support.

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