CandleFocus Bitcoin Held By Short-Term Holders Plunges by $83 Billion in ‘Sign of Growing Confidence’
2024-10-02
Author: Content Editor
Bitcoin's price has risen by more than 8% in the past month, defying its historically poor performance in September. This increase has led to growing confidence in the market, as short-term holders (STHs) have started selling their coins that have moved into a state of profit. As a result, there has been a decrease in the amount of Bitcoin held by STHs, indicating growing confidence. The lower supply of Bitcoin held by STHs suggests a potential surge in price if demand remains steady or grows, as long-term holders are less likely to sell. Additionally, the number of Bitcoin held on exchanges has dropped to a five-year low, which is considered a bullish signal. Furthermore, Bitcoin miners have significantly reduced their BTC reserves, resulting in the lowest level in three years, which is attributed to the recent halving upgrade.
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