From its all-time high on 2023 to today, September 22nd, its price has dropped by -16.4%, from US$31,827 to US$26,623.
For 45 days in a row, the price of Bitcoin has been less than US$30,000, and it has been recorded that most short-term holders (STH) are losing money at this time.
97.5% of BTC Short Term Holders Are Losing
Short-term holder measures, or STH, are useful for tracking price movements over relatively short time periods. After purchasing coins or tokens, STH will keep onto them for 155 calendar days.
An indicator of the level of accumulation at a given time and price is the accumulation trend score. When the price of Bitcoin $BTC was about US$30,000, a large amount of accumulation took place. More STH was accumulated at the BTC price level of US$30,000, which occurred over the course of 155 days.
Since Bitcoin's price has gone down since it reached its best point in 2023, which was US$31,827 on July 13, 2023, and has had trouble getting back to US$30,000, most STH have lost money.
Based on the percent of STH in profit indicator, which tracks how much of STH is making money, the figure shows that 97.5% of STH is losing money. This level is the same as in November 2022, when the FTX crashed.
Crypto Sentiment Is Slowly Turning Bad
Bitcoin couldn't keep its price at US$30,000, so a short-term decline began to form. On the other hand, people's feelings about the cryptocurrency market are slowly going from being positive to being negative.
The cost basis sign shows that the mood on the crypto market has turned from positive to negative. There are two types of basic costs: cost basis holder and cost basis spender. Cost basis holder is the basic cost of buying Bitcoin and keeping it in a portfolio. Cost basis spender is the basic cost of buying Bitcoin that is then used for trades. Because Bitcoin has the largest market cap, just looking at its price is thought to be enough to show how the crypto market feels.
When the holder's cost basis is higher than the spender's cost basis, the sentiment is thought to be negative. On the other hand, when the holder's cost basis is lower than the spender's cost basis, sentiment is seen as good.
The holder's cost base is around $28,000 as of September 17, 2023, which is greater than the spender's cost base of approximately $26,600. This indicates a shift in cryptocurrency sentiment from positive to negative.
The fear and greed index is another indicator that analyzes crypto market mood. This index also reveals that the cryptocurrency market sentiment is gradually shifting from greed (positive) to fear (negative).
The index has dropped from 64 at the greed level to 43 at the fear level in the last three months. This decrease is comparable with Bitcoin price movements, which have likewise declined over the last three months and have constantly been below US$30,000.
