Despite this week’s Bitcoin price sell-off, the rally to $68,000 put short-term traders back in profit and onchain metrics remain bullish.
Bitcoin (BTC) price has experienced mounting demand-side pressure, causing it to rally more than 23% over the last two weeks to hit a 2-month high at $68,583 on July 22. During this uptrend, BTC climbed above its short-term holder (STH) cost basis, highlighting the “strength of the prevailing uptrend,” according to market intelligence firm Glassnode.
The recent surge in BTC price above $68,000 has “been a welcome relief for Bitcoin Short-Term Holders (STHs),” Glassnode wrote in its “Week On-chain” newsletter published on July 24.
According to the onchain data provider, this cohort of investors saw more than 90% of their “supply fall into a loss” following the drawdown to July 5 lows of $53,500, putting them into a financially stressful position.
