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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 significant shift in the net position change for its short-term holders. The data suggests that these investors have accumulated a massive positive value of +750k BTC. This development is likely to have far-reaching implications on the cryptocurrency’s future trajectory.
As previously reported, Bitcoin’s short-term holders have been accumulating assets at an unprecedented rate as prices surged to new all-time highs. However, this accumulation has come at the expense of significant losses for many investors. The data shows that the Short-Term SOPR (SOPR) has turned negative, indicating that a substantial number of STH are operating at a loss.
In light of this information, it is crucial to analyze whether Bitcoin can potentially reclaim $95,800 as short-term holders take profits. According to Cryptoquant’s latest data, Bitcoin’s 30-day net position change for long-term holders has turned negative, falling to -750k BTC. On the other hand, the net position change for short-term holders stands at +750k BTC.
As seen in the chart above, there is a clear divergence between LTH and STH positions. This suggests that while some investors are taking profits and reducing their exposure, others are still accumulating.
Source: ambcrypto.com
