Bitcoin’s latest rebound to $74,050 on Thursday is met with immediate selling pressure as short-term holders move coins onto exchanges in large volumes, indicating that the market’s most reactive cohort remains unconvinced of the recovery.
On-chain data shared by CryptoQuant contributors indicates that traders who bought Bitcoin just weeks ago are now holding on to their gains rather than riding out the upswing, creating new supply just as the market is trying to stabilize.
Short-term Bitcoin holders are cashing in
According to According to CryptoQuant contributor Darkfost, more than 27,000 BTC in gains have been sent to exchanges by short-term holders (STHs) in the past 24 hours, one of the largest spikes recorded in recent months. The metric tracks coins moved to exchanges by investors who are currently making profits, which is often interpreted as a harbinger of potential selling pressure.
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“Despite Bitcoin’s slight recovery, STHs (Short Term Holders) seem unconvinced and prefer to take profits quickly,” Darkfost wrote. “Over the past 24 hours, STHs have sent over 27,000 BTC in profits to exchanges, which are among the highest levels in recent months.”
The momentum seems concentrated among the most recent buyers. According to the analysis, the only cohort currently capable of realizing meaningful gains are investors who accumulated Bitcoin between a week and a month ago, with a realized price of almost $68,000.
That positioning puts them right in the money after Bitcoin’s latest jump towards the low $70,000s, creating a natural incentive to exit positions quickly.
“STH is known for being reactive and emotionally driven, especially the youngest cohorts,” Darkfost noted. “The current news flow and macroeconomic projections remain quite negative in the short term, making this behavior relatively understandable and, in this case, quite rational.”
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For the time being, that behavior translates into short-term supply. “This represents selling pressure to monitor as STH appears unwilling to hold their positions any longer,” he added.
Repeated pattern around range heights
Separate analysis of the market structure points to another pattern that could strengthen sales. CryptoQuant contributor Maartunn marked a recurring technical situation that has occurred several times in recent months: brief breakouts above key resistance levels, followed by rapid reversals.
“Deviations above the Range High keep selling,” Maartunn wrote. “In recent months, BTC has shown the same pattern three times: break above the range high, short-lived deviation, sharp decline to the bottom.”
The most recent example occurred when Bitcoin briefly pushed above a range ceiling of nearly $71,000 before stalling. “The last divergence occurred just around $71,000,” he noted. “If history repeats itself, this level could once again be a trap for late longs.”
The pattern was visible in early October 2025 and mid-January 2026. Breakouts above local peak levels were followed by rapid pullbacks, reinforcing the idea that liquidity above resistance levels was mainly used as an exit point for sellers.
At the time of writing, Bitcoin was trading at $70,127.
Featured image created with DALL.E, chart from TradingView.com