According to Glassnode data, short-term holders of Bitcoin are currently securing average unrealized profits of 7.9% despite recent price volatility. The Short-Term Holder Market Value to Realized Value ratio is at 1.08, indicating that most short-term holders are still in profit. The average cost basis for these investors is $86.8K, which has become a key level influencing Bitcoin's local momentum. If prices drop below this level, it could lead to increased selling pressure and potentially push prices lower. However, if prices remain above $86.8K, it could indicate stronger buyer interest and support a potential bullish recovery. The MVRV chart shows profitability bands ranging between 0.6 and 1.6, with the current ratio of 1.08 signaling cautious optimism among short-term holders. Monitoring these metrics closely will continue to provide insights into Bitcoin's short-term market trends and investor confidence.



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