$BTC Why Short-Term Bitcoin Holders Could Drive Price Down to $61K

Selling Pressure Is Increasing on Bitcoin?

The price of the king coin increased by more than 8% last week. This increase allowed bulls to push the coin to $65k on August 24.

However, things have turned around in the past 24 hours as BTC prices have slightly declined. According to CoinMarketCap, at the time of writing, Bitcoin is trading at $63,816.53 with a market capitalization of over $1.28 trillion.

Meanwhile, intoTheBlock posted a tweet revealing an interesting pattern. According to the tweet, important information can be gleaned by monitoring the balance of short-term traders.

History shows that increases in this metric often coincide with market peaks and troughs, providing useful hints for timing the market.

AMBCrypto then looked at Glassnode data to see how STHs are behaving. According to our analysis, STHs are in a sell-off. This is evident by the massive drop in total supply held by short-term holders over the past three months.

The Road Ahead for BTC

To find out if BTC is at a market bottom, AMBCrypto looked at BTC’s Pi Cycle Top indicator. According to our analysis, BTC is sitting right at its market bottom at $63.7k.

If this indicator is to be believed, BTC could soon start a bull run and reach a possible market top of $102k in the coming weeks or months.

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