Are Bitcoin [BTC] short-term holders responsible for current market downturn
Furthermore, in the last week, the price per BTC rallied from the second lowest low of the current bear market to peak at $21,758. Prices, however, remained within the consolidation range, which Glassnode noted has been so intact for over three months.BTC’s price touched the lower ends of the consolidation range in the last week. Glassnode considered the volume of coins held at an unrealized profit at the high of $24,500, which turned into an unrealized loss.
This, according to Glassnode, indicated that BTC short-term holders currently experience a “historically large degree of financial pain.” This, according to Glassnode, suggests “capitulation” amongst short-term holders in the market. This can also be a corresponding demand inflow when the price of BTC oscillated between $24,000 and $18,500 last week.
indicator is used to assess the behavior and profitability of investors who are more likely to have recently entered the market.
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