{"id":425479,"date":"2024-09-21T09:30:20","date_gmt":"2024-09-21T04:00:20","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=425479"},"modified":"2024-09-20T16:52:23","modified_gmt":"2024-09-20T11:22:23","slug":"bitcoin-short-term-holders-hold-the-key-to-70k-heres-why","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-short-term-holders-hold-the-key-to-70k-heres-why\/","title":{"rendered":"Bitcoin short-term holders hold the key to $70K &#8211; Here\u2019s why"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Short-term Bitcoin holders are sitting at the highest profits since August after BTC broke above $63,000.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><em>The widespread profitability has seen market sentiment shift to positive, which could stir an extended rally.<\/em>\u00a0<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/btc-nears-64k-but-can-btc-avoid-a-drop-to-55k\/\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> traded at $63,790 at press time, its highest price this month. Positive macro factors have seen BTC defy the typical September drop, and with \u201c<\/span><a href=\"https:\/\/ambcrypto.com\/bitcoin-why-you-can-expect-gains-in-uptober-after-rektember-slump\/\"><span style=\"font-weight: 400;\">Uptober<\/span><\/a><span style=\"font-weight: 400;\">\u201d in sight, bulls appear to be making their move.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, given that this month\u2019s positive macro narratives appear to be exhausted, traders who have held Bitcoin for less than 155 days hold the key to the next short-term price moves.\u00a0<\/span><\/p>\n<h2><strong>Surge in Bitcoin short-term holder gains<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Data from CryptoQuant showed that after Bitcoin broke $60K earlier this week, short-term holders turned a profit. This cohort was previously underwater.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The shift in profitability is seen in the short-term Output Profit Ratio (SOPR), which has made a sharp increase from below 1 to its highest level since late August.\u00a0<\/span><\/p>\n<figure id=\"attachment_425482\" aria-describedby=\"caption-attachment-425482\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Short-Term-Holder-SOPR-3.png\"><img decoding=\"async\" class=\"wp-image-425482 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Short-Term-Holder-SOPR-3.png\" alt=\"\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Short-Term-Holder-SOPR-3.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Short-Term-Holder-SOPR-3-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Short-Term-Holder-SOPR-3-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Short-Term-Holder-SOPR-3-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Short-Term-Holder-SOPR-3-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Short-Term-Holder-SOPR-3-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Short-Term-Holder-SOPR-3-1200x675.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-425482\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This metric indicated a shift in market sentiment from negative to positive. The <\/span><a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\"><span style=\"font-weight: 400;\">Bitcoin Fear and Greed Index<\/span><\/a><span style=\"font-weight: 400;\"> confirmed this as it increased to 54, the highest level in more than three weeks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Short-term holder profitability is also seen in the Realized Price \u2014 UTXO Age Bands. Traders that have held BTC for one to three months have been below their average buy price since August.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These traders re-entered profitability on the 18th of September, after BTC rallied above $61,800.\u00a0<\/span><\/p>\n<figure id=\"attachment_425486\" aria-describedby=\"caption-attachment-425486\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Realized-Price-UTXO-Age-Bands.png\"><img decoding=\"async\" class=\"wp-image-425486 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Realized-Price-UTXO-Age-Bands.png\" alt=\"\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Realized-Price-UTXO-Age-Bands.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Realized-Price-UTXO-Age-Bands-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Realized-Price-UTXO-Age-Bands-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Realized-Price-UTXO-Age-Bands-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Realized-Price-UTXO-Age-Bands-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Realized-Price-UTXO-Age-Bands-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Realized-Price-UTXO-Age-Bands-1200x675.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-425486\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Per CryptoQuant analyst <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66eba08bac366b2d76f2f87f-Short-Term-Holders-Average-Buy-Price-as-a-Key-Indicator-for-Bitcoins-Next-Move?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=avocado_onchain\"><span style=\"font-weight: 400;\">Avocado_onchain<\/span><\/a><span style=\"font-weight: 400;\">, the average buy price of short-term holders acts as a strong resistance level. With Bitcoin breaking above it, it suggests a strong bullish trend.\u00a0<\/span><\/p>\n<h2><strong>Risk of profit-taking\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The widespread profitability among short-term Bitcoin holders shows bullish sentiment, but it also poses a risk to the short-term rally if they decide to sell.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The coins distributed by these holders have reached a weekly high as seen in the Exchange Inflow \u2014 Spent Output Value Bands coinciding with the gain in price.\u00a0<\/span><\/p>\n<figure id=\"attachment_425490\" aria-describedby=\"caption-attachment-425490\" style=\"width: 4000px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Exchange-Inflow-Spent-Output-Age-Bands-All-Exchanges.png\"><img decoding=\"async\" class=\"wp-image-425490 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Exchange-Inflow-Spent-Output-Age-Bands-All-Exchanges.png\" alt=\"\" width=\"4000\" height=\"2250\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Exchange-Inflow-Spent-Output-Age-Bands-All-Exchanges.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Exchange-Inflow-Spent-Output-Age-Bands-All-Exchanges-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Exchange-Inflow-Spent-Output-Age-Bands-All-Exchanges-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Exchange-Inflow-Spent-Output-Age-Bands-All-Exchanges-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Exchange-Inflow-Spent-Output-Age-Bands-All-Exchanges-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Exchange-Inflow-Spent-Output-Age-Bands-All-Exchanges-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Exchange-Inflow-Spent-Output-Age-Bands-All-Exchanges-1200x675.png 1200w\" sizes=\"(max-width: 4000px) 100vw, 4000px\" \/><\/a><figcaption id=\"caption-attachment-425490\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This suggests that short-term holders could be taking profits after realizing gains.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> However, given that the selling activity has not dampened the rally, a high number of short-term traders selling at profits could stir the interest of new buyers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Traders should also watch out for the $64,000-$70,000 levels as 4.5M Bitcoin addresses that bought at these prices are still underwater per IntoTheBlock data.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02024\u20132025<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\"> As such, Bitcoin will face resistance as it approaches this zone.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nevertheless, whales are yet to interact with BTC amid the recent gains. Large holder netflow has been predominantly flat in the last two days after a period of accumulation. This reduces the risk of large sell-offs.<\/span><\/p>\n<figure id=\"attachment_425495\" aria-describedby=\"caption-attachment-425495\" style=\"width: 1743px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Large-holder-netflow.png\"><img decoding=\"async\" class=\"wp-image-425495 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Large-holder-netflow.png\" alt=\"\" width=\"1743\" height=\"469\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Large-holder-netflow.png 1743w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Large-holder-netflow-300x81.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Large-holder-netflow-1024x276.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Large-holder-netflow-768x207.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Large-holder-netflow-1536x413.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Large-holder-netflow-1200x323.png 1200w\" sizes=\"(max-width: 1743px) 100vw, 1743px\" \/><\/a><figcaption id=\"caption-attachment-425495\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Traders who have held Bitcoin for less than 155 days hold the key to the next short-term price moves.<\/p>\n","protected":false},"author":99,"featured_media":425570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[41,35,66,3,4,20],"tags":[6427],"class_list":["post-425479","post","type-post","status-publish","format-standard","has-post-thumbnail","category-analysis","category-bitcoin-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin short-term holders hold the key to $70K - Here\u2019s why - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Short-term Bitcoin holders could determine BTC&#039;s next move after reaching the highest profits since August after the price broke past $63K.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-short-term-holders-hold-the-key-to-70k-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin short-term holders hold the key to $70K - Here\u2019s why - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Traders who have held Bitcoin for less than 155 days hold the key to the next short-term price moves.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/bitcoin-short-term-holders-hold-the-key-to-70k-heres-why\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-21T04:00:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/btc-webp-25.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1792\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Muthoni Mary\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Muthoni Mary\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"ReportageNewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/bitcoin-short-term-holders-hold-the-key-to-70k-heres-why\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/bitcoin-short-term-holders-hold-the-key-to-70k-heres-why\\\/\"},\"author\":{\"name\":\"Muthoni Mary\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/118643f1125611f22092214a3baf8daf\"},\"headline\":\"Bitcoin short-term holders hold the key to $70K &#8211; 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