[Analysis: Most BTC Buyers in the Last 3 to 6 Months Are Reluctant to Take Profits Now, Opting for Mid-to-Long-Term Trading Instead] BlockBeats News, September 13, analyst Murphy stated that on-chain data provides a clear understanding of the trading psychology of representative investors at the current stage. First, the group that bought BTC in the past 3-6 months has realized very little profit. In other words, those who bought at the bottom during this period are mostly unwilling to take profits at the current price level. These are the STHs (short-term holders) closest to becoming LTHs (long-term holders). Traders who are not selling now are likely aiming for mid-to-long-term trading. Additionally, the group that bought BTC in the past 6-12 months has incurred significant losses. This group almost entirely encompasses the holdings accumulated during the bear market. Among them, many LTHs are not true believers; they have simply become long-term holders passively due to unrealized losses. Therefore, during every major drop or rebound, they are the most unstable group. From a macro perspective, BTC can only fully enter the next phase once the selling pressure from this group is gradually released. Recently, Murphy published an article discussing why Bitcoin is struggling to break through $82,000. First, the chips held by short-term holders (STH) are distributed between $59,000 and $81,000. If the price breaks through $82,000, some short-term speculative funds may choose to take profits, creating the first layer of selling pressure. Second, the chips held by long-term holders (LTH) are most concentrated in the $81,000 to $82,000 range. When the price approaches their breakeven point, they may choose to exit, forming the second layer of selling pressure. The analyst believes that breaking through $82,000 does face resistance in the short term. The market needs time to digest differences and absorb supply. Once the market regains momentum and successfully breaks through, the path ahead will be much smoother. [Original Link]