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Bitcoin: Major Group in ‘Extreme Panic’ State! What This Means for BTC
In a stunning turn of events, it appears that the short-term investors in the cryptocurrency market have fallen into an unprecedented state of extreme panic and fear. The findings suggest that these individuals are frantically selling their Bitcoin [BTC] holdings at a loss, leading to a severe lack of confidence in the market.
According to data provided by CryptoQuant, since the start of February, short-term holders have consistently been offloading their coins at a loss, revealing a profound absence of market confidence. Furthermore, this trend has persisted throughout the month, solidifying the notion that these investors are devoid of any discernible direction.
As a result, the prevailing sentiment in the market appears to be one of trepidation and doubt, as these short-term holders aggressively sell their assets in an effort to mitigate their losses. This frenzy of selling activity is further supported by Checkonchain data, which indicates that these holders are currently holding their Bitcoin at a loss.
In fact, the STH MVRV ratio has plummeted to 0.86, historically preceded by downward price movements and a subsequent increase in price decline. According to historical trends, it appears that this phenomenon is likely to be followed by further losses for Bitcoin as demand weakens in light of these bearish sentiments.
The situation becomes even more precarious when considering the influx of investors into exchanges, with both whales and retailers alike contributing to the selling pressure. This confluence of events has led to a notable shift towards aggressive selling activity on both sides of the market.
As AMBCrypto’s analysis concludes, it is likely that Bitcoin will experience significant losses if this bearish sentiment persists. It has been historically observed that when whales and retailers collaborate in their selling activities, such an event typically results in a decline in prices.
Source: https://ambcrypto.com/bitcoin-major-group-in-extreme-panic-state-what-this-means-for-btc/
