LTH sell pressure has recently increased, putting certain pressure on BTC. Although the distribution scale is still lower than in November, it has exceeded the two stage bottom periods of August 24 and April 25.

At the same time, the FBS curve continues to slowly recover, indicating that the demand from new investors is gradually returning. The rebound of FBS will not immediately trigger a V-shaped price reversal; during this period, BTC usually maintains volatility and may even experience a second bottom.

Considering the current situation where LTH increases selling pressure again after the price stabilizes, the overall trend is basically in line with expectations. As long as the FBS curve maintains an upward trend, there is no need to be overly pessimistic about the overall direction, but the process will be relatively bumpy.