Bitcoin, the leading cryptocurrency, has experienced a volatile period over the past few weeks, with its price fluctuations causing numerous short-term investors, commonly referred to as \"paper hands,\" to exit the market. Despite this turbulence, long-term holders (LTHs) have maintained their resolve, showing no indications of retreating as they strive to push BTC back above $85,000. The question remains: how swiftly can this objective be achieved?

In a recent analysis, CryptoQuant expert Burak Kesmeci examined Bitcoin's Long-Term Holder Net Position Change (30-day sum) and discovered that since April 6, this metric has transitioned into positive territory, demonstrating evident upward momentum. Consequently, Kesmeci noted that BTC has appreciated by roughly 12%.

The Long-Term Holder Net Position Change monitors the buying and selling activities of LTHs—individuals who have retained their assets for a minimum of 155 days—to gauge shifts in the volume of coins held by these investors during a specified timeframe.

A positive value for this metric implies that LTHs are refraining from selling and are optimistic about BTC's future price trajectory. On the other hand, a negative value suggests that these holders are liquidating or dispersing their coins, frequently in reaction to market pressures, which is regarded as a bearish indicator.

Kesmeci emphasized the significance of BTC's Long-Term Holder Net Position Change (30-day sum) turning positive. This metric had been below zero since the previous October, signifying that LTHs were persistently offloading their BTC holdings.

The sell-offs reached their nadir on December 5, triggering a 32% decline in BTC's price and marking the apex of a six-month period of distribution by LTHs.

Nevertheless, this pattern altered post-April 6. The metric now stands above zero and exhibits an uptrend. Regarding the implications of this development, Kesmeci remarked:

Furthermore, Bitcoin's funding rate has remained positive despite its price challenges, affirming the bullish outlook. At the time of reporting, this figure was at 0.0037%.

The funding rate represents the recurring payments exchanged between long and short traders within perpetual futures markets. Its purpose is to align the futures price closely with the underlying asset's spot price.

When it is positive, as it currently is, long traders compensate short traders. This reflects a bullish market sentiment, as a greater number of traders anticipate BTC's price to rise.

The heightened accumulation by BTC LTHs has propelled the coin's price beyond the critical resistance level at $81,863. At the time of reporting, the flagship cryptocurrency trades at $83,665.

As the market reacts to these persistent buying pressures exerted by LTHs, BTC's price appears poised for a substantial rally in the imminent future.

Should retail traders join in and augment their coin demand, BTC might surpass the range of $85,000 to $87,730.

Conversely, if the accumulation trend ceases and these LTHs initiate selling to secure profits, BTC could resume its downward trajectory, plummet beneath $81,863, and descend towards $74,389.

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