Weak hands sold 15,000 BTC in Bitcoin: Is the new bottom at $94,000?

While a quiet week has passed with short-term investors selling at a loss, on-chain data indicates a potential bottom level for Bitcoin between $94,000 and $97,000.

Throughout the week, short-term Bitcoin holders sold approximately 15,000 BTC at a loss.

Bitcoin (BTC) is experiencing a calm trend as investors behave cautiously and remain passive in the market due to the conflict between Israel and Iran and the upcoming FOMC meeting. However, CryptoQuant's on-chain data revealed a striking situation: more than 15,000 Bitcoins held by short-term holders were traded at a loss this week.

According to Glassnode data, on Monday, 959 BTC were moved to exchanges at a loss, while on Wednesday, this figure rose to 16,700 BTC. During this period, the BTC price dropped from $106,500 to $103,500. This situation indicates a known behavior pattern where short-term investors, or 'weak hands,' tend to panic sell during price declines and realize their losses.

This selling pressure reveals that the activity of short-term holders increases when the market declines. When weak hands close their positions, these coins are often taken over by long-term investors (LTH), i.e., 'strong hands.' This contributes to the market remaining stable and forming a more solid price base.

It is observed that the supply held by short-term holders has decreased significantly after major price declines. The gradual decrease in selling pressure from weak hands suggests that buying opportunities are emerging and a potential bottom level may form.

The STH-LTH net position change chart shows that short-term investors have been aggressively selling over the past month, but most of these sales have been absorbed by long-term holders. This dynamic could play a critical role in keeping the Bitcoin price above $100,000.

Bitcoin is at a "Blind Spot" and Needs Buyer Demand

According to data analysis platform Swissblock, Bitcoin is currently in a 'blind spot' within the market. The ongoing negative spot volume difference since June indicates that the price recovery achieved despite low buying volume suggests that selling pressure continues.

Although the downward pressure is easing, it is stated that prices could decrease a bit more before an important breakout, and this depends on new buyer demand.

Considering the possibility of a rally after a short-term decline, on-chain cost analyses predict a support zone for Bitcoin between $94,000 and $97,000. This level could serve as a local bottom by clearing critical liquidations below $100,000, and reasonable value gaps (FVG) in this area could be retested with daily order blocks.

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