Bitcoin Fails to Catch a Hold Above $100,000 as Investors Lose Confidence

Bitcoin (BTC) attempted a rally over Christmas, attempting to reclaim the psychological $100,000 level. Such a result could have been a positive end to the year. The attempt failed, and sellers took over, which increased negative sentiment and raised doubts among short-term investors.

BTC sentiment is deteriorating

The failure to reclaim an important mark led to a price decline below $97,000 and a weakening of BTC's market dominance. The bearish sentiment is supported by the indicators.

According to analysts from IntoTheBlock, the Addresses by Time Held indicator, which tracks the activity of short-term holders (investors who hold BTC for 30 to 365 days), has shown a significant decline over the past week. This group of investors often reflects market sentiment, and a decrease in their activity indicates growing doubts