Bitcoin is showing resilience, holding firm above the $69,000 mark after a slight pullback from recent local highs at $73,600. Following weeks of bullish momentum and nearing its all-time high, BTC has settled just below the critical $73,794 resistance, a key level that, if surpassed, would push the cryptocurrency into price discovery mode.
According to data from CryptoQuant, short-term holders are experiencing a net profit-to-loss of negative 20 BTC, indicating a wave of panic selling among retail investors. This type of behavior, often driven by fear, uncertainty, and doubt (FUD), can precede a significant price surge as stronger hands accumulate BTC at lower prices.
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Historically, similar sell-offs by retail investors have been followed by renewed upward momentum as longer-term holders seize the opportunity to enter or reinforce their positions. If Bitcoin can maintain support above $69,000, the odds of a breakout past its all-time high increase substantially.
Market watchers are now closely monitoring the resistance level, as surpassing it could trigger a wave of buying interest and push BTC into new highs. The coming days may prove crucial, setting the stage for Bitcoin’s next big move.
Bitcoin Weak Hands Selling
Bitcoin recently attempted a breakthrough to new heights but failed to breach its all-time high of $73,794, entering a consolidation phase as the market eyes key events: next week’s U.S. election and the Federal Reserve’s anticipated interest rate decision.
CryptoQuant’s recent data, shared by analyst Axel Adler on X, points to a noteworthy trend among short-term BTC holders. The net profit-to-loss ratio for these holders shows a negative balance of -20 BTC, indicating a wave of panic selling following Bitcoin’s struggle to establish new highs. This sell-off among short-term investors, who tend to react more quickly to market volatility, suggests some caution amid uncertainty.
Adler emphasizes that in such turbulent times, a long-term “HODL” (hold on for dear life) approach can be the most beneficial strategy. Holding strong through market noise has historically rewarded BTC investors who keep their positions intact during periods of retracement and heightened volatility.
With Bitcoin’s all-time high in sight, a successful…
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