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"Weak hands" of Bitcoin sell 15,000 BTC at a loss: Are new lows below 100,000 dollars approaching?
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This week, 15,000 bitcoins have been moved at a loss by short-term holders, increasing the possibility of a drop in the price of BTC below 100,000 dollars.
✨Key points:
Short-term holders of Bitcoin sold 15,000 BTC at a loss during the week.
On-chain data suggests a price floor for Bitcoin in the range of 97,000 to 94,000 dollars.
Bitcoin (BTC) is experiencing a relatively quiet week, as the armed conflict between Israel and Iran and the uncertainty leading up to the FOMC meeting have caused investors and traders to stay on the sidelines. Despite the quiet markets, on-chain data from CryptoQuant revealed a notable development, showing that over 15,000 BTC in the hands of short-term holders (STH) were moved at a loss this week.
According to data from Glassnode, 959 BTC were transferred to exchanges at a loss on Monday, which shot up to 16,700 BTC by Wednesday and coincided with a drop in the price of BTC from 106,500 to 103,500 dollars. This activity highlights a familiar behavior pattern where STH, often called "weak hands," tend to sell in panic during price drops, frequently realizing losses.
This selling behavior represents increased activity of STH during market declines. When these weak hands exit their positions, the coins often pass into the hands of long-term holders (LTH), or "strong hands," contributing to market stabilization and a more resilient price base.
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