Short-Term Bitcoin Holders Add $12 Billion Post-Crash — Is It Enough to Spark a Price Rally?
Short-term Bitcoin holders aggressively bought $12 billion worth of BTC post-crash, coinciding with negative profit metrics that historically precede rebounds.Summary
Despite Bitcoin's recent 2.3% drop to near $108,800, short-term holders (STH) have shown significant buying conviction, accumulating approximately 110,000 BTC, valued at nearly $12 billion, between October 13 and October 16.
This accumulation occurred while the Short-Term Holder Net Unrealized Profit/Loss (NUPL) metric dropped to -0.04, indicating most recent buyers are at a loss—a condition that has historically preceded quick price rebounds. Technical analysis shows BTC forming a falling wedge pattern with a bullish divergence on the RSI, suggesting upward momentum might be building.
For a rally to materialize, Bitcoin needs to break above the $115,900 resistance level, which would confirm an escape from the wedge and potentially target $122,500. Failure to hold the $107,200 support, however, could lead to a retest of the cycle bottom near $102,000.
(Source：BeInCrypto)