Bitcoin Supply Held By STH Hits Highest Level In 40 Months – Top Signal Or Trend Shift?
The post Bitcoin Supply Held By STH Hits Highest Level In 40 Months – Top Signal Or Trend Shift? appeared on BitcoinEthereumNews.com.
Bitcoin finds itself at a pivotal juncture as the market navigates uncertainty and growing doubt in the days ahead. After reaching an all-time high (ATH), the price tumbled sharply to the $92,000 level, triggering a sentiment shift from extreme bullishness to cautious optimism. This rapid correction has left many traders questioning the sustainability of Bitcoin’s recent rally and whether the market could be entering a new phase. CryptoQuant analyst Maartunn recently highlighted compelling data that sheds light on the current state of the market. According to Maartunn, the supply held by Short-Term Holders (STH) has reached its highest level in 40 months. This is a significant development, as elevated STH holdings are often associated with market tops or potential trend shifts. If the price holds above key support levels, it may signal a healthy correction and pave the way for a renewed rally. However, a failure to regain momentum could confirm the fears of many market participants, leading to deeper corrections and increased selling pressure. As Bitcoin hovers at this crossroads, all eyes are on the data and the market’s next move. Uncertainty Driving The Market Since Bitcoin hit its all-time high (ATH) at $108,300, it has experienced significant volatility, leading to growing uncertainty within the market. Some analysts are convinced that the ATH marks the peak of the current bull cycle, and they foresee no further upside for BTC in the near term. On the other hand, there are those who believe the bull run is far from over and that the recent price fluctuations are simply part of a healthy market consolidation before a potential surge. Maartunn recently shared data on X that offers crucial insight into the current state of the market. According to Maartunn, the supply held by Short-Term Holders (STH) has reached 5,439,700 BTC, the…
Filed under: News - @ December 22, 2024 8:16 am