Bitcoin Faces Sell Pressure but Low Short-Term Holder Profitability Eases Concerns

Over the weekend, Bitcoin experienced increased sell pressure, pushing its price below $70,000 again. However, the risk of further sell-offs has significantly decreased due to low short-term holder profitability.

Bitcoin Short-Term Holder Profitability at 3.35%

Crypto analyst Ali Martinez reassured Bitcoin investors with new data indicating a reduced risk of sell-offs. Early Monday, Martinez posted a chart showing that Bitcoin's short-term holder profitability remains low at 3.35%, suggesting minimal sell-off risk. This low profitability implies that short-term investors are likely to wait for higher profit margins before selling their holdings.

In recent weeks, Bitcoin's short-term holder profitability has fluctuated as the price struggled to stabilize. Despite this, over a longer period, short-term holders have seen positive gains. Compared to the start of June, these investors are now experiencing an upside, but significant profitability is needed for them to begin selling again.

Potential for Bitcoin Price Surge

Ali Martinez also provided an analysis of Bitcoin's price movements over the past year, including corrections and peaks. He predicts the next local top could be around $89,200, representing a 28% increase from the current price of about $69,400 and marking a new all-time high for Bitcoin.

Additionally, Martinez highlighted that the Taker Buy Sell Ratio on the HTX Global Exchange recently rose to 730, indicating strong bullish sentiment, which could drive the next rally.

Current Market Status

Bitcoin continues to face pressure from bears. After reaching $71,000 last week, its price has retraced most gains, currently trading at $69,429 with a 0.45% increase over the past week. Despite these fluctuations, Bitcoin remains the largest cryptocurrency, boasting a market cap of $1.368 trillion.