"It appears that long-term Bitcoin holders who stopped selling on arbitrage in early May have started selling again," Bitfinex analyzed in a recent report. "Long-term holders started and stopped taking profits above $69,000 in the second quarter, but have recently started selling again at lower prices. This selling could put downward pressure on the market in the near term and could impact the bull cycle in the medium term. Mt Gox redemption pressure is also a potential downside factor."
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