According to CoinMeta, analysts say that long-term Bitcoin holders are currently facing selling pressure. Approximately 4 million of these BTC were purchased between $85,000 and $118,000. The current trading price of Bitcoin is close to $80,000, meaning that more than half of the Bitcoin held by long-term holders was acquired at prices above this level. Glassnode warns that if Bitcoin prices rise back to $85,000, it could trigger investors to sell in order to break even. At the same time, the demand for Bitcoin ETF has weakened, although the losses incurred during the continuous price declines have become smaller.