- Bitcoin’s short-term holders held the market with a net position change value of +750k.
- BTC declined over the past week by 12.37%.
Since hitting $108k, Bitcoin [BTC] has struggled to maintain an upward momentum. As such, BTC has traded in a consolidation range between $92k and $97k.
At the time of writing, Bitcoin is trading at $93,905, marking a 2.18% decline on the daily charts. Additionally, the cryptocurrency has dropped by 12.37% on the weekly charts.
This dip has left most short-term holders at a loss, including those who bought Bitcoin in November. The widening loss margins among short-term holders have analysts deliberating over the next move.
Bitcoin’s LTH vs STH net position change
According to Cryptoquant, the 30-day net position change for long-term holders (LTH) has turned negative hitting -750k BTC.
Source: CryptoQuant
Despite this change, Bitcoin prices have managed to hold strong and did not experience a strong drop. This is because short-term holders (STH) have continued to accumulate even as BTC rallied to a new ATH.
Source: CryptoQuant
The net position change for short-term holders (STH) surged to a positive value of +750k BTC.
While short-t
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Author: Gladys Makena
