Bitcoin's failure to recover to $100,000 has pushed the price below $97,000 and hurt its market dominance. And the bearish sentiment doesn't end there.
According to IntoTheBlock, the Addresses by Time Held indicator has shown a noticeable decline over the past week. The metric tracks activity among BTC holders who have held the asset for between 30 and 365 days. This group of short-term holders plays an important role in reflecting market sentiment. Its increase usually signals growing optimism. However, the recent decline indicates weakening confidence among this category of investors.
A continuation of this trend could indicate further pressure on the Bitcoin price in the near future.
The same sentiment is confirmed by the Short-Term Holder- Net Unrealized Profit/Loss (STH-NUPL) indicator. It evaluates the behavior of short-term investors who hold a coin for less than 155 days.
This data helps us understand whether short-term hodlers are optimistic or are feeling fear or greed. According to Glassnode, the metric has fallen into the hope or fear zone (orange). This indicates that investors are skeptical about a significant recovery in BTC. If this does not change, the asset may have difficulty attracting enough demand to push the price higher.
