Bitcoin continues to decline, trading at $111,038, which is a drop of 10% from its historical high. Most short-term holders in the market are beginning to sell off.
Current Prices and Trading Volumes
Bitcoin is trading approximately 10% below its record high of $124,128 set on August 14. The 24-hour trading volume stands at $38.7 billion, a 33% decrease from the previous day. Derivatives markets show a similar slowdown, with futures volume down 40.7% to $81.5 billion.
Holder Data for Bitcoin
According to on-chain data, the recent drop seems to primarily impact new investors. Holders of Bitcoin for less than a month are facing average unrealized losses of -3.5%, leading many to sell. Meanwhile, holders with investments between 1 to 6 months remain profitable (+4.5%), showing resilience.
Technical Analysis of Bitcoin
Indicators reflect mixed signals. The Relative Strength Index (RSI) is close to oversold territory, which could present short-term growth opportunities. However, indicators such as MACD and moving averages show bearish sentiment. Bitcoin continues to hold above its long-term support, but its ability to stay above the $110,000 level is at risk.
In the current situation, Bitcoin faces pressure from short-term holders, while long-term investors remain uncertain. Future price movements are anticipated to depend on buyer behavior in the $110,000–$111,000 range.
