Bitcoin: ‘This consolidation period has introduced doubt in every investor, even OGs’

Bitcoin [BTC] has been on the higher side over the past couple of days, with the asset teasing a potential move past the $80,000 region on the chart.

The case is that the price continues to hover around this region with no definitive push. What market participants do at this level remains crucial to understanding Bitcoin’s next move, but for now, there is no definitive direction.

OG Bitcoin holders sell their bags

Data from CryptoQuant tracking Bitcoin OG Spent Transaction Outputs (STXO) using the 90-day moving average has significantly spiked, reaching 1,500 Bitcoin.

Bitcoin OGs are holders who have kept their assets for more than five years. When they spend their Bitcoin, it often indicates a shift in sentiment, as seen recently.

These OGs have moved their Bitcoin, which could indicate selling pressure and suggest that their conviction has weakened, especially as BTC reaches new local highs.

Pseudonymous senior market analyst Darkfost described the influencing factor behind the recent rally, saying:

“This consolidation period seems to have introduced some doubt across nearly every type of investor, even the most seasoned ones like the OGs.”

Other factors could have also played a role in the move, including the recent Coldcard hack that has driven investors to switch private wallets.