Bitcoin speculators have incurred $100M in losses over the past 6 weeks as short-term holders exited amid volatility.
Short-term Holders Exit Amid Market Drawdown
Data from CryptoQuant highlights that Bitcoin holders for one to three months have suffered losses estimated at $100M. Analyst Onchained noted a drop in this cohort's market cap below realized cap, indicating selling at a loss.
Bitcoin Price Faces Resistance as Options Expiry Nears
Bitcoin options worth $2.9 billion are set to expire on March 14. According to Deribit data, activity is concentrated at the $400,000 level, while bears are betting on a drop to $70,000. Market participants are watching key support levels.
Golden Cross Sparks Bullish Expectations
Despite short-term losses, some analysts remain optimistic. Merlijn The Trader pointed to a 'golden cross' signal which has historically preceded major bull runs. BTC also shows a bullish RSI divergence, indicating possible recovery.
Bitcoin faces uncertainty as short-term holders exit and options expiry approaches. While bullish signals emerge, selling pressure and macroeconomic factors could influence future developments.
