Recent market changes have surprised many crypto participants. Analysis shows that short-term Bitcoin holders are now in profit, which may influence overall price trends.
Cost-basis Analysis for Short-term Holders
According to blockchain analytics platform Glassnode, short-term holders, who have held Bitcoin for just over a month, are back in profit. This is significant as it decreases selling pressure from older long-term holders.
Bitcoin Dominance Recovery
Amid the gains of short-term holders, Bitcoin dominance has surged to its highest levels in four years. Bitcoin is trading at $97,684.57, accounting for over 64% of the total crypto market cap, which reached $3.04 trillion.
Future Price Outlook for Bitcoin
Bitcoin is showing strong upward momentum, and it is expected to potentially exceed $109,000. Significant institutional purchases and bullish patterns also indicate a possible breakout in the market.
Thus, short-term holders of Bitcoin have shown profitability, which may indicate growing market confidence and potential price increases for the cryptocurrency.
