Zoltan Vardai10 hours agoOver 75% of Bitcoin short-term holders in profit as BTC breaches $67KBitcoin price is finally seeing some relief, but it faces significant resistance at the $68,000 mark, which would trigger over $700 million worth of short liquidations.4509 Total views23 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThree-quarters of short-term Bitcoin holders are now profitable, potentially giving Bitcoin’s price additional upward momentum.
This is thanks to Bitcoin’s recent rally, as outlined in a July 24 report by Glassnode:“This rally has now broken back above the STH cost basis and returned 75% of their held supply to an unrealized profit. This can be seen within the STH-MVRV metric, which has now recovered above the break-even level of 1.0.”Bitcoin: Short-term holder MVRV. Source:Glassnode
Bitcoin’s price rally offers significant relief for short-term holders, the cohort that saw over 90% of its supply in the red during late July.
The short-term holder cohort is often used as a proxy for investors looking to gauge Bitcoin demand and recent buying patterns.
Related:World’s largest BTC miner Marathon buys $100M BTC to go ‘full HODL’Bitcoin settles above key support level despite $3.9 billion futures expiry
Bitcoin’s price managed to settle above a key support level, despite a $3.9 billion BTC futures expiry that threatened to take it to the $63,000 mark.
Following the rally, Bitcoin needs to hold above the current $65,000 mark, which acts as a key support, according to popular crypto analyst Rekt Capital, who wrote in a July 26 X post:“The retest was successful. Bitcoin has confirmed $65,000 as support. Price will now continue to occupy the $65000-$71500 region (red).”BTC/USD, one-day chart. Source:Rekt Capital
Related:Japan crypto ETFs boosted by Franklin Templeton and SBI Holdings partnershipBTC faces significant resistance at $68,000
Despite the bullish price recovery, Bitcoin faces significant resistance at the psychological $68,000 mark.
Nearly $700 million worth of cumulative leveraged short positions stand to be liquidated across all exchanges if Bitcoin manages to rise above the $68,000 mark, according to CoinGlass data.Bitcoin exchange liquidation map. Source:CoinGlass
Short liquidations would surpass $1 billion above the $68,500 mark, but reaching that level would depend on the inflows from the US spot Bitcoin exchange-traded funds (ETFs).
Inflows into the US spot Bitcoin ETFs have been slowing down since July 23, reaching $31.1 million in cumulative inflows on July 25, according to Farside Investors data.
Magazine:Toyota’s love for Ethereum, HK nods inverse Bitcoin ETF, stablecoin: Asia Express# Bitcoin# Cryptocurrencies# Bitcoin Price# Bitcoin Analysis# Bitcoin Options# Bitcoin Adoption# Bitcoin ETF# ETFAdd reaction