Bitfinex analysts said that bitcoin's upward momentum depends on how to balance demand from short-term holders (STH) and supply from long-term holders (LTH). Analysts say the supply of STH has approached 3.28 million Bitcoin, a level that historically starts to correlate with data in the bull market peak area. This suggests retail interest is rising. But increased profit-taking by long-term holders has put pressure on Bitcoin's upward momentum and could hinder further gains in Bitcoin. Supply into the Bitcoin market from the LTH group has remained stable over the past two weeks, and the lack of spot demand to absorb this supply could cause prices to pull back further. In simple terms, Bitfinex analysts believe that only if the buying power of short-term holders further absorbs the selling pressure of long-term holders, can the price of the currency continue to rise.