CandleFocus

Bitcoin’s $108,000 Barrier Holds Firm, Pressuring Short-Term Gains

Bitcoin's price has been unable to reach its all-time high, reducing the profitability of short-term holders. A decline in profitability has been observed for those who have held the coin for less than 155 days. The Spent Output Profit Ratio for short-term holders has been on a downward trend since January. This suggests weakening demand and bearish sentiment, increasing the likelihood of price corrections driven by reduced demand. The current trading price is $100,943, but if selling pressure intensifies, it could drop to $91,488. However, a shift in sentiment and resurgence in demand could push the price past $100,000 and towards the all-time high.

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