Bitcoin drops below $29K as short-term holders panic sell at a loss

Quick Take

• Short-term holders are defined as a holder of Bitcoin (BTC) for less than 155 days.
• This cohort bought the local top — above $30,000 — and is selling the dip at a loss.
• Bitcoin bull markets are denoted by Spent Output Profit Ratio (SOPR) — a sustained rally above one indicates a bull market — and when it goes under one for a brief amount of time, this cohort is washed out — selling at a loss. We must resume the above one to see a sustained rally.
• In addition, short-term holders selling Bitcoin at a loss to exchanges are slightly elevated.
• While, over a 7-day moving average, the short-term holder supply has decreased notably — one of the most dramatic changes in the past year.

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