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Title: Can Bitcoin Reclaim $95,800 as Short-Term Holders Take Profits?
Bitcoin’s net position change for short-term holders has hit a significant positive value of +750k BTC. This development comes at a time when the asset has experienced an 11% decline in the past week, with prices struggling to maintain an upward momentum. Since hitting $108,000, Bitcoin [BTC] has been stuck in a consolidation range between $92,000 and $97,000. At the moment of writing, BTC is trading at $93,905, marking a 2.18% decline on the daily charts.
Over the past week, Bitcoin has faced a significant dip, falling by an impressive 12.37%. This loss has left most short-term holders in the red, including those who purchased the asset in November. As a result, analysts are now deliberating over the next move of this market.
A closer look at the data provided by Cryptoquant reveals that long-term holders have experienced a negative net position change of -750k BTC, while short-term holders have seen their net position change surge to +750k BTC. This stark contrast highlights the significant disparity in strategy among these two groups.
Despite this divergence, it is essential for investors to understand that the direction taken by short-term holders will significantly impact Bitcoin’s price trajectory. Short-term holders now face a decision: they can either hold on and wait for prices to recover or sell their assets at a loss to reinvest in the market at lower levels.
If these short-term holders decide to take profits, it is not impossible that Bitcoin could reclaim $95,800. However, if they opt to buy at lower rates after selling at a loss, this could result in further downward pressure on prices, potentially driving them down as low as $92,130.
The recent surge in exchange supply ratio suggests that these short-term holders are actively selling their tokens, indicating a lack of market confidence. If this sentiment persists and LTH follow suit with their negative net position change, Bitcoin could experience a significant decline.
In conclusion, the future direction of this market will largely depend on the actions taken by these short-term holders.
Source: ambcrypto.com
