Understanding the Sell-Off Trend as Bitcoin (BTC) Surpasses $62k Mark

  • Bitcoin’s value surges above $62k, indicating a bullish momentum.
  • Despite the uptick, short-term holders are selling Bitcoin at a loss.
  • Long-term holders, however, continue to hold and accumulate Bitcoin.

Bitcoin’s value surges above $62k, sparking a bullish momentum. However, short-term holders are selling off their Bitcoin at a loss, while long-term holders continue to accumulate.

Bitcoin’s Bullish Momentum

After a week-long price decline, Bitcoin [BTC] finally gained bullish momentum as its value went above the $62k mark. According to CoinMarketCap, BTC’s price had risen by nearly 3% in the last 24 hours. At the time of writing, the coin was trading at $62,785.74 with a market capitalization of over $1.24 trillion.

Short-term Holders Selling Bitcoin

Despite the recent uptick, data suggests that short-term holders are still at a loss. A popular crypto analyst, Ali, recently posted a tweet highlighting the state of short-term holders. As per the tweet, STHs face a -6.78% loss if they sell today. This bull cycle’s maximum pain point has been around -12%. Glassnode’s data revealed that BTC’s short-term holders’ supply declined sharply over the past two weeks, suggesting that STHs were selling Bitcoin.

Long-term Holders Accumulating Bitcoin

On the other hand, long-term holders are not on a selling spree. As per CryptoQuant’s data, BTC’s binary CDD was green, indicating that long-term holders’ movements in the last seven days were lower than average. They have a motive to hold their coins. Moreover, the supply held by LTHs also increased over the past two weeks, hinting at accumulation.

Market Sentiment and Future Outlook

AMBCrypto checked other metrics to find whether selling sentiment was dominant in the market or buying sentiment. As per our analysis of CryptoQuant’s data, BTC’s exchange reserve was increasing, meaning that investors were dumping BTC. However, most of the indicators remained bullish on BTC. For instance, both its Relative Strength Index (RSI) and Money Flow Index (MFI) gained upward momentum. Moreover, the MACD displayed a bullish crossover, indicating a continued price rise. If that happens, then BTC’s price might soon touch $66k.

Conclusion

Despite the selling spree by short-term holders, Bitcoin’s value continues to surge, indicating a bullish momentum. Long-term holders continue to accumulate Bitcoin, suggesting a positive future outlook. However, the market sentiment remains uncertain, and investors should keep a close eye on the market trends.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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