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Can Bitcoin reclaim $95,800 as short-term holders take profits?
Bitcoin’s recent price action has been marked by a surge in the net position change for short-term holders (STH), which hit a positive value of +750k BTC. This development raises questions about whether the cryptocurrency can recover to $95,800 or not.
Over the past week, Bitcoin has experienced a decline of 12.37%. Despite this drop, it is essential to note that short-term holders have been accumulating even as prices rose to an ATH. The Short-Term SOPR (Self-Offsetting Profit Ratio) turned negative, indicating that STH are operating at a loss.
As a result, these investors have two options: hold and wait for the price to recover or buy at lower levels. If demand from short-term holders remains strong and long-term holder (LTH) demand is either neutral or positive, it could create favorable momentum for Bitcoin. However, if STH decide to sell their holdings at a loss, it may lead to increased selling pressure, ultimately driving prices further down.
A closer look at the data shows that short-term holders are actively unloading their tokens. This implies that these investors have lost confidence in the market and are opting to sell their coins and buy them back at lower levels after experiencing losses. The implications of this bearish sentiment could lead to a decline in Bitcoin’s value, potentially dropping it to $92,130.
On the other hand, if short-term holders continue to demand Bitcoin, they will likely attempt to push prices towards $95,800 or even higher.
Source: ambcrypto.com
