Bitcoin course stabilizes – is the great recovery coming?

The Bitcoin course was under solid sales pressure of so-called short-term hollowers. These are people who own their bitcoin for less than 155 days. Now the analysts of Glassnode, who have devised this term, see the sales pressure of this group “cool.”

The Bitcoin market is in balance

According to Glassnode, the market is now “in a relatively balanced position”, while 70 percent of the Bitcoin are in the hands of short-term holders on a virtual profit. Coins that are moving and probably changing owners are sold in approximately 50 percent of the cases with profit and the other half of course with losses.

“This is a level that agreement with the centerline of previous bull markets,” said the analysts of Glassnode. That would mean that Bitcoin still has to go in this bull market.

The behavior of Short-Term Holders is being monitored fairly sharply by market participants, because history shows that they are more likely to sell during periods of increased volatility.

Somewhere that makes sense, because these are people who only bought Bitcoin less than 155 days ago and are not used to much, and perhaps the conviction are missing. If the rates then start to jump, it is understandable that this group is thinking about a sale earlier.

Sell Bitcoin with loss

According to James Check van Checkonchain, short-term holders are taking more and more losses. Especially people who have sold their bitcoin on the all-time high start to get out and seem to be somewhat worried about the price falls we see now.

Yet James Check remains fairly optimistic about the months that are for us. “What we want to see from here is a short, sharp dip in the red area, and then back to a healthy green number. That would confirm that the bull market is still intact,” said the analyst.