Bitcoin (BTC) Fails to Rebound to $100,000, Leaving Short-Term Holders in Doubt

1. Bitcoin's price failed to rebound to $100,000, raising concerns in the market

Bitcoin attempted to break through the $100,000 mark during Christmas but failed to rebound, with prices falling below $97,000. This performance weakened market confidence in a short-term recovery, leading short-term holders to express skepticism about Bitcoin's price trend.

2. Market Sentiment Turns Pessimistic

The decline in Bitcoin prices has led to a continuous deterioration in market sentiment. According to IntoTheBlock data, the activity of short-term holders with holding times between 30 and 365 days has significantly decreased, indicating a decline in market confidence. The reduction in the number of short-term holders aligns with their net unrealized profit/loss indicator (STH-NUPL) entering the 'hope or fear' zone, reflecting investors' pessimistic outlook on a short-term rebound for Bitcoin.

3. Technical Indicators Show Further Downward Risk for Bitcoin

From a technical standpoint, Bitcoin encountered strong resistance at $99,332 and failed to break through to higher levels. The Relative Strength Index (RSI) has fallen below the neutral level of 50, suggesting that the market has entered a bearish trend. If this trend continues, Bitcoin's price may further drop to $85,851.

4. Potential Price Trend: Breakthrough and Downward

If Bitcoin can break through the resistance level of $99,332, it may regain upward momentum and approach $110,000; however, if bearish sentiment dominates, prices may continue to fall below $90,000, potentially facing greater downward pressure.

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