Analysts from Glassnode report that short-term holder capitulation is intensifying bearish pressure on Bitcoin.
Current Market Situation
Bitcoin's price is under significant selling pressure as short-term holders begin offloading their coins at a loss. A Glassnode research report indicates that accumulation has remained weak since January, with buyers not stepping in to absorb the sell-off. The decline has coincided with Bitcoin's drop from $108,000 to $93,000, raising concerns about waning demand.
Data Analysis from Glassnode
Research shows short-term holders are taking a significant hit as the price fell below $95,000. Many recent buyers have been selling at a loss. At its peak, selling pressure pushed the short-term holder profit ratio to 0.97 when Bitcoin dropped to $78,000. The 'coin days destroyed' metric confirms panic-driven selling, reaching -12.8K coin days per hour.
Future Market Prospects
With Bitcoin now at key cost-basis levels, the market may enter a consolidation phase before stable support is found. Analysts highlight the need for careful observation of market changes.
Glassnode analysts suggest the market may stabilize following the short-term holder capitulation phase, leading to potential Bitcoin price consolidation.
