Bitcoin Short-Term Holders Show Profit Potential Amid Resistance at $116,900 and ETF Outflows
Main Idea
70% of Bitcoin short-term holders are currently in profit, indicating market stability, but resistance at $116,900 poses a potential downside risk if not broken.
Key Points
1. 70% of Bitcoin short-term holders are in profit, reflecting market stability.
2. Spent volume from profitable holders has cooled to 45%, suggesting neutral market positioning.
3. Bitcoin faces key resistance at $116,900; failure to break this level could lead to a decline towards $110,000.
4. Recent Bitcoin ETF outflows have contributed to mild sell-side pressure.
Description
According to Glassnode, 70% of Bitcoin’s short-term holders are currently in profit, despite recent price fluctuations. Bitcoin faces resistance at $116,900, and ETF outflows are contributing to low sell pressure.
$BTC
$116366.9
-0.83%
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