Bitcoin Rangebound, Short-Term Holders Underwater
Bitcoin Rangebound, Short-Term Holders Underwater
Bitcoin is trading rangebound around $76,000 to $78,000. The ongoing war in the Middle East continues to fuel inflation concerns, making risk-on assets like bitcoin less attractive.
Short-Term Traders Left Holding the Bag
Short-term traders who bought in when bitcoin was above $80,000 earlier this month are now underwater. According to Bitfinex, spot prices have traded below the Short-Term Holder Realised Price of approximately $78,600 for the duration of the week, indicating that the entire 155-day holder cohort is underwater.
Weak Institutional Activity
Bitfinex adds that weaker institutional activity is the key factor behind this weakened price action. Bitcoin is up 0.5% to $77,610.
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