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26K Bitcoin floods exchanges in 24 hours – But one concern arises
In a shocking turn of events, it has been reported that a massive influx of 26,000 Bitcoins has flooded exchanges within the span of just 24 hours. This unexpected surge in Bitcoin transactions has left market analysts scrambling to make sense of the sudden shift.
The most striking aspect of this development is not the sheer volume itself, but rather the manner in which it was executed. The rapid selling activity, particularly among short-term holders (STHs), has sparked widespread concern about the future trajectory of the cryptocurrency’s price.
While many had predicted that STHs would start liquidating their positions once Bitcoin broke above $92K and $95K, few anticipated such a dramatic shift in sentiment. In fact, the data suggests that these profit-takers have been aggressively offloading their coins at an unprecedented rate.
As it stands, short-term holders are dominating market activity, with exchange inflows indicating a staggering 26,000 Bitcoins entering exchanges within the last day alone. This extraordinary event has led many to question whether this is a sign of impending doom for Bitcoin’s price or merely a necessary correction before further growth.
What’s more intriguing is that long-term holders (LTHs) seem to be holding firm against this tide of selling pressure, with no discernible changes in their behavior. This divergence between the two groups has sparked concerns about the potential for consolidation within the current trading range.
In all probability, Bitcoin now sits at a critical juncture. If short-term sellers fail to ease off their aggressive profit-taking, any bullish momentum may well stall and potentially even reverse course. The likelihood of this occurring could result in a price ceiling around $92K and $95K for an undetermined period.
It remains to be seen whether Bitcoin can overcome the challenges posed by these STHs or if LTHs will ultimately intervene, rekindling buying pressure and pushing prices higher.
Source: https://ambcrypto.com/26k-bitcoin-floods-exchanges-in-24-hours-but-one-concern-arises/
