BTC price may need a $24.4K dip as Bitcoin speculators stay in profit
Bitcoin short-term holders are slowly seeing profits evaporate as BTC price action trends lower, but more downside could be next. Bitcoin (BTC) has room to drop below $25,000 to flush out a recent influx of speculators, research shows. In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode flagged the ongoing influence of “short-term holders” (STHs) on BTC price action. Profitability reset point lies below $25,000 BTC/USD has struggled to overcome $30,000 resistance in recent weeks, and multiple fakeouts have frustrated Bitcoin bulls. In its latest investigation into on-chain activity, Glassnode revealed that market newcomers may be responsible - speculative behavior, including profit -taking, has become prevalent in 2023. Among the metrics contributing evidence is market value to realized value (MVRV), which tracks spot price and the on-chain cost basis of specific investor segments. STH-MVRV reflects the relationship as it impacts STHs, define...