- CryptoQuant’s latest analysis states that short-term holders can make a profit selling their BTC.
- Despite a bearish front put forward by indicators, retail demand for BTC witnessed a small win.
Bitcoin [BTC] failed to cross the $31,000 mark after July 13, and has been lurking in the $29,000-$30,000 range for almost a month now. At the time of writing, data from CoinMarketCap indicated that BTC switched hands at USD 29,404 and showed signs of a recovery.
However, according to CryptoQuant’s latest analysis, short-term BTC holders were in a profitable position compared to long-term holders.
Read Bitcoin [BTC] Price forecast 2023-2024
Long versus shorts
CryptoQuant analyst Onchained analyzed BTC’s short-term and long-term ratios of the holder-issued output profit range. Bee analyze long-term holder spent output profit range ratio (LTH-SOPR), the LTH-SOPR was seen to be below 1. This indicated that long-term BTC holders were selling their BTC at a loss.
In addition, Onchained stated that holders could succumb to unfavorable sales conditions to re-enter the market by buying at lower prices.
Source: CryptoQuant
Also unchained analysed the short-term holder-issued output profit range (STH-SOPR). As of August 3, the STH-SOPR hovered around 1, indicating that short-term traders would sell at a slight profit.
Source: CryptoQuant
Bears in favor
According to the TradingView chart, BTC was in the green at the time of writing. However, BTC’s indicators didn’t exactly scream bullish. The Moving Average Convergence Divergence (MACD) showed a bearish crossover with the signal line above the MACD line below the zero line.
This indicated that the bears had a firm grip on the king of cryptocurrencies at the time of writing. In addition, the Relative Strength Index (RSI), at 45.92, also suggested that the price was in favor of the bears at the time of writing. A further drop in the RSI would indicate intense selling pressure around the cryptocurrency.
How Much Are 1,10,100 BTCs Today?
However, BTC’s rising Money Flow Index (MFI) was an indication of flowing liquidity in the cryptocurrency.
Source: TradingView
Despite the disappointing front of the indicators, there was good news for BTC. According to the latest tweet from glassnodealerts, BTC holders hit an all-time high with 0.01+ BTC on August 3.
📈 #Bitcoin $BTC Number of addresses with 0.01+ coins just reached an ATH of 12,228,546
Previous ATH of 12,227,528 was observed on August 2, 2023
View statistics:https://t.co/oyguxpaA2y pic.twitter.com/kUXJ2rOlpU
— glassnode alerts (@glassnodealerts) August 3, 2023
In addition, the number of holders holding 0.1+ BTC also reached an all-time high of 4,431,809. This was an indication of a recovering BTC on the retail front.
