Analysis: Bitcoin's sharp plunge did not trigger panic selling among short-term holders, with $68,000 emerging as the primary support level for buying interest.
36 minutes ago
Crypto analyst Murphy noted in a post that following yesterday’s sharp BTC plunge, the high-trapped coins of short-term holders (STH) only saw minor loosening. Data shows roughly 1.48 million BTC are held in the $73,000–$86,000 range, making up 68% of total STH holdings, all currently in unrealized losses. Yet only a net 34,000 BTC were removed from this range yesterday, accounting for ~2.3%, indicating most short-term holders did not panic-sell amid the downturn. Specifically, the $75k, $80k, and $85k cost ranges saw reductions of 7,282, 8,481, and 5,441 BTC respectively, with selling pressure relatively dispersed. Meanwhile, total STH holdings added a net 17,500 BTC that day, meaning some long-term holders (LTH) also distributed their coins during the drop. Coin accumulation was concentrated mainly at $68k, with ~42,200 new BTC added to this range alone. For profitable coins, the $62k–$64k range holds ~480,000 BTC, the only large profitable segment among current STHs, with a reduction of just ~3,100 BTC yesterday, less than 1%. Murphy argues this range is the nearest immediate support below; if BTC falls into it, short-term holders’ profitable coins will largely be erased, and market sentiment pressure could rise further. Conversely, if the upper trapped coins stay stable, prices still have a chance to regain support going forward.
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