Bitcoin Drops to $103K Amid Panic Selling
Key Takeaways
- Bitcoin (BTC) recently dropped from USD 112,000 to USD 103,000.
- Short-term holders (STH) are currently selling at a loss.
- The STH-SOPR is below 1 – indicating realized losses.
- Most of the selling activity is coming from young coins.
- Key support zones are at USD 104,200 and USD 96,900.
What is STH-SOPR and Why is it Important?
The STH-SOPR (Spent Output Profit Ratio) measures whether short-term holders are selling their Bitcoin at a profit or a loss. A value above 1 indicates profitable sales, while a value below 1 indicates losses. The current value is 0.99 – meaning many recent buyers are now selling at a loss.
This is a sign of market uncertainty. At the same time, it means that many short-term profits have already been realized. As a result, further selling may decrease, since there is less incentive to sell now.
Young Coins Dominate the Market
Another signal: Bitcoin’s average dormancy has dropped to 8.5. Dormancy measures how long coins are held before being sold. A low value indicates that mostly newly acquired BTC is being moved. This confirms that the current wave of selling is almost entirely driven by short-term holders.
Why the USD 104,200 Level is Crucial
According to on-chain data, the most important short-term support zone lies at USD 104,200. Several price levels converge here that are relevant for short-term holders:
- STH Realized Price (average purchase price of STH)
- 1W–1M Realized Price (coins purchased between 1 week and 1 month ago)
- 3M–6M Realized Price (coins purchased between 3 and 6 months ago)
As long as Bitcoin remains above this level, a further price decline is unlikely. However, if the price drops below USD 104,000, the next support may not hold until USD 96,900. A break of both levels would erase the gains made in May.
What Happens if STH Keep Selling?
Short-term holders are highly reactive to price movements. Their selling amplifies downward trends. If they continue to sell in panic, BTC could come under further pressure. However, analysts also see an opportunity: if most short-term profits have already been realized, selling pressure could ease. This may lay the foundation for a new upward trend.
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Our Assessment
The current market situation shows that short-term holders have sold in panic and realized losses. This has put pressure on the Bitcoin price. However, selling pressure may soon subside, since there are few short-term profits left. It is now crucial that Bitcoin stays above USD 104,200. This level is key for short-term stability. If the price falls below it, further losses are likely.
Long-term investors should monitor this phase closely. If the market calms and STH stop selling, BTC could regain strength.
Sources
- CryptoQuant
- Checkonchain
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | 105394 |
| 24h % | -1.27 % |
| 7d % | -2.22 % |
| 30d % | 12.32 % |
| 60d % | 27.12 % |
| 1y % | 51.33 % |
| Market Cap | $2,094,339,078,149.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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