Bitcoin is showing limited selling pressure from long-term holders, but the market still lacks the demand and price confirmation needed to call a fresh uptrend, CryptoQuant analyst Axel Adler Jr. said. BTC was trading around $64,200, or 1.3 times the average acquisition cost of $49,400 for long-term holders, and had remained for 78 straight days in a low-risk zone between that cost basis and 1.5 times it, or about $74,100. Adler said long-term holder supply stood at 16.35 million BTC, just 58,000 BTC below the record 16.41 million BTC reached on July 30, after rising by 1.38 million BTC over the past 90 days. Supply fell on only two of the last 15 days, indicating no obvious distribution pressure. A move above $74,100 would shift Bitcoin into a normal-risk zone, while a drop below $49,400 would leave long-term holders as a group in loss.