Bitcoin Surpasses $62K: STHs Sell, LTHs Hold Amid Bullish Trend

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The Essentials in Brief

As Bitcoin once again surpasses the $62,000 mark, an interesting development is emerging: Short-term holders (STHs) are selling their shares, despite the positive trend. This could raise questions about the future movements of the BTC price and whether these sales could impact the ongoing upward momentum.

Short-term Holders in Selling Mode

Bitcoin has regained momentum after a week of decline, surpassing the $62,000 mark, indicating a bullish sentiment. Despite this development, short-term holders are selling their Bitcoin shares, possibly due to losses. According to a tweet by crypto analyst Ali, STHs who are selling now are suffering a loss of -6.78%. Data from Glassnode confirms a significant decrease in the supply of Bitcoin held by short-term holders, suggesting that this group is actively selling.

Long-term Holders Remain Steadfast

In contrast to the short-term holders, data from CryptoQuant shows that long-term holders (LTHs) are more likely to accumulate their holdings than sell. This could suggest that LTHs continue to have confidence in the long-term value of Bitcoin and may exert a stabilizing effect on the market.

Market Sentiment and Price Forecast

The analysis of market data shows that despite the sales by STHs, most indicators continue to show a bullish trend for Bitcoin. Both the Relative Strength Index (RSI) and the Money Flow Index (MFI) are pointing upwards, and the MACD confirms a bullish crossover, which could indicate a continuation of the price increase. If this trend continues, the Bitcoin price could soon reach the $66,000 mark.

Our Assessment

Despite the selling pressure from short-term holders, the long-term outlook for Bitcoin remains positive. The current market sentiment and technical indicators suggest that the price of Bitcoin could continue to rise. However, investors should be cautious and closely monitor market conditions, as the situation can change quickly. The decisions of short- and long-term holders will continue to have a significant impact on price development.

Sources: Glassnode, CryptoQuant

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