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With Bitcoin whales up against these traders, BTC could head this way…

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Bitcoin's recent drop in short-term holder profitability may underscore the bottom range of short-term sell pressure. However, the fact that whales were accumulating could indicate a very important facet about the market.

A recent peak in short-term supply at a loss underscores sell-side weakness.weekly analysis is out and it offers interesting insights into the current state of the market. It also provides a perspective into the position of the market in the current cycle based on historical patterns.Among the key highlights of the Glassnode analysis investor confidence was seen dwindling. As a result, prices dipped toward $26,000.

What was also worth taking note of was the level of short-term supply at a loss because it is a historically relevant figure. It is the level of loss at which the probability of seller exhaustion grows exponentially. In other words, this is around the same level of loss at whichWith short-term holder capitulation losing steam, natural progression suggested that the next outcome should be accumulation.

 

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