$BTC

📊 Bitcoin Approaches All-Time High | Sharp Increase in Profitability for Short-Term Holders

Bitcoin is currently trading at just below its all-time high of $109,000, with signs of renewed enthusiasm in the market on the horizon.

This shift reflects one of the most responsive sentiment indicators, which is the profit/loss ratio for short-term holders (STH):

🔸 On April 7, during the sharp correction, the ratio dropped to 0.03 - indicating that nearly all offerings from short-term holders were below zero, as Bitcoin's price reached a low of $76,000.

🔸 Since then, the ratio has risen to over 9.0, meaning that more than 90% of offerings from short-term holders are now back in profit, demonstrating a strong recovery in sentiment.

This shift in profitability for short-term holders has historically been associated with phases of momentum in the market - watch it as we move closer to a price discovery phase.