$BTC coin update
Bitcoin Short-Term Holders Reduce Selling as Price Climbs
According to Cointelegraph, Bitcoin short-term holders have reduced their selling activity as the cryptocurrency's price gradually rises above its recent low of $112,000.
Onchain analytics platform Glassnode reported that profit-taking among Bitcoin Short-Term Holders (STH), defined as those holding for less than 155 days, has decreased. The firm's market report on Wednesday highlighted that Bitcoin STH spent volume, which measures the proportion of recent buyers in profit selling their Bitcoin, has dropped to 45%, falling below the neutral level.
Glassnode's analysis suggests that the market is in a relatively balanced position, with 70% of STH supply still held in profit and an almost even split between profit and loss taking in coins that are actively moving. This condition aligns with the midline of previous bull phases and is not considered atypical. The behavior of Bitcoin STHs is closely monitored by market participants, as they tend to sell during periods of market volatility. This trend follows Bitcoin's recent dip to $112,044 over the weekend, shortly after reaching new all-time highs of $123,100 on July 14, as reported by Nansen. At the time of publication, Bitcoin is trading at $114,766.