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Can Bitcoin reclaim $95,800 as short-term holders take profits?
Bitcoin’s recent price action has been a subject of interest among market observers and enthusiasts alike. The latest update from Cryptoquant suggests that the net position change for short-term holders (STH) has surged to a positive value of +750k BTC.
As it stands, Bitcoin has declined by 12.37% over the past week, dropping from $108,000 to $93,905. This downturn has left many short-term holders in the red, with coins held for one day and those held for a week reaching 56 million and 9 million, respectively.
However, as STHs continue to accumulate at a higher rate than long-term holders (LTH), it is crucial to examine their implications on Bitcoin’s price. The recent surge in the exchange supply ratio suggests that these spent coins are being transferred to exchanges either for sale or in preparation for a sell-off. This heightened speculative trading among STH traders, which may result in selling at a loss only to purchase at lower prices.
Considering the above data, it appears that Bitcoin’s short-term holders are holding the market together, but their actions could ultimately put pressure on the price of the digital currency. As such, there is a risk that BTC could continue to drop further if STHs decide to take profits.
On the other hand, it is possible that these traders may opt to buy at lower levels after selling at a loss. If this bearish sentiment persists and the demand from STH continues, Bitcoin could potentially recover towards $95,800.
In conclusion, while it is difficult to predict with certainty which direction Bitcoin will take, the recent data provides an intriguing perspective on the market’s dynamics.
Source: ambcrypto.com
