Bitcoin Price Struggles to Rise Again

Recently, the fluctuations in the cryptocurrency market continue to have significant effects on the direction of Bitcoin's price. The pronounced selling pressure from short-term holders may make it more challenging for Bitcoin (BTC) to rise than we expect.

A CryptoQuant analyst stated that short-term holders have turned to selling Bitcoin due to realized losses, and this trend is increasingly growing. Especially when Bitcoin attempts to recover, these investors usually sell to realize profits or at breakeven levels, thereby blocking further price increases. This situation creates excessive resistance above the price and suppresses upward movements.

On-chain data shows that approximately 30,300 Bitcoins have been transferred to exchanges at a loss in the last 24 hours. This indicates panic selling among investors who have recently purchased. The CryptoQuant analyst emphasized that the Short-Term Holders Spent Output Profit Ratio (SOPR) remaining at the level of 1 highlights that confidence in the market is still weak. When the SOPR value cannot exceed this level, it means that investors are evaluating selling opportunities without believing in rises.

The CryptoQuant analyst noted that short-term holders' sales immediately increased as Bitcoin's price approached the $112,500 level. At this point, investors acting with the reflex to recover from losses make it difficult for Bitcoin to break through this price range. As a result, according to the CryptoQuant analyst, for Bitcoin to gain upward momentum, the selling pressure from short-term holders must first decrease. Otherwise, the price may again face a wave of selling with each recovery attempt.