Bitcoin has experienced a slight recovery after dropping below $100,000, with the price now hovering above $101,000. Analysts are closely monitoring on-chain data and the behavior of short-term holders to gauge Bitcoin's next move. Yonsei Dent from CryptoQuant's QuickTake Platform identified $89,900 as a critical support level for short-term holders, with most remaining in profit and reducing the likelihood of sudden selling pressure. While holders in the three-to-six month range are at a loss, their limited market share minimizes their potential impact on the market. The $89,900 support level is seen as both technical and on-chain support, and any breach or bounce from this range could draw significant attention. The market appears relatively stable around this price mark, with short-term pullbacks not triggering widespread panic selling. Another CryptoQuant analyst, Grizzly, noted that the profit ratio between long-term and short-term holders has not risen as sharply during this bull run, suggesting a shift in market behavior as Bitcoin matures. The increased institutional participation and longer holding periods may lead to fewer speculative fluctuations in the future.
Content Editor ( newsbtc.com )
- 2025-01-28
Bitcoin Price Reclaims $101,000: Key Levels to Watch Moving Forward
