Bitcoin has fallen at the time of publication, wiping out weekend gains and moving closer to $60,000 Bears will continue increasing shorts and push the price of Bitcoin below the psychological $56,800.
Glassnode STHs are in Red
On-chain data indicates a weakness in spot rates as the most valuable coin of all time is approaching a crucial juncture and fast approaching $60,000.
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Glassnode Blockchain Analytics posted a blog on X. highlighted How BTC is in an unusual situation.
Data shows that while Bitcoin has been in the green and is up over 100 percent over the past year, many short-term investors (STHs), mostly traders and speculators are under water. These are the entities or addresses who bought the coins within the last 155 or prior to the end of the year 2023.
In this period, prices not only soared, all coins being in circulation by the middle of March 2024. But speculators also rabidly predicted that prices would continue to soar. This didn’t happen because as soon as BTC broke through $70,000 and rose to $73,800 the prices dropped sharply.
BTC had plummeted to just $56,800 by mid-May before briefly rebounding to about $71,500. Failure of bulls in the $72,000 level Close Traders monitor the press, so sellers are in the lead at time of publication.
Glassnode believes that while STHs feel the pressure of the market, those who have bought and held on to their STHs over the past year will be in the black. BTC’s 2X increase over the last 12 months is in line with the gains expected for the second half 2023.
Why Do BTC Whales Sell?
Parallel data shows The realized price for long-term (LTH) holders, especially those that bought within the last 5 to 7 years, is less than $7,300. The HODLers will be in profit regardless of current market volatility and they can continue to hold their investments until it is resolved.
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Lookonchain is a data provider that can help you in this situation. shows Binance has been a destination for Bitcoin whales. Usually, transfers from centralized exchanges tend to be considered bearish. Determining the price of coins is a function of the number sent.
The analytics platform has noted, as of July 3rd, that an individual whale transferred 1,023 BTC to Binance, which is worth about $62,000,000. A whale had transferred earlier 1,723 BTC worth more than $106,000,000 to Binance, the largest cryptocurrency exchange in the world.
Featured image is from DALLE and chart by TradingView
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Source: www.newsbtc.com
