Since reaching $ 88,752 per share on March 24, the BTC (Bitcoin) price has formed a series of low high and low lowest levels in an hourly frame chart.
As the weekend approached, Bitcoin Price did not exceed $ 88,000, reducing the opportunity of $ 90,000 before the Q1 ended.
Bitcoin 1 hour chart. Source: COINTELEGRAPH/TradingView
What to keep Bitcoin less than $ 90K?
One of the main reasons for Bitcoin’s current price struggle is due to the continuous sales pressure of the investor with a short -term holder (STHS) or a coin of less than 155 days. GlassNode’s “The Week On-Chain” newsletter pointed out that investors who purchased BTC at a higher price at the current Bitcoin cycle have witnessed the “best” market with a large part of Bitcoin supply. As a result, STH Cohort has become the main group of the largest price since Bitcoin’s best modification of 30%.
In this report, Glassnode Analysts said.
“The amount of short -term holder supply due to a surge in a large -scale 3.4m BTC is the largest loss of STH supply since July 2018.”
Total supply of losses owned by Bitcoin STHS. Source: Glass Node
Sales pressure faced by short -term holders is reflected in Bitcoin’s accumulation trend scores.
Since the BTC price has fallen from $ 108,000 to $ 93,000 to $ 97,000, Bitcoin’s accumulation trend, which is an indicator of sales pressure, has been maintained at less than 0.1. The score of less than 0.5 emphasizes strong sales pressure instead of accumulation.
Another reason Bitcoin struggled to penetrate $ 90,000 threshold is due to the contraction of liquidity conditions. According to the data, the amount of Onchain reduced to $ 5.2 billion daily, which was 47% decreased from the highest point in the rally. Similarly, the number of active addresses decreased by 18%to 780,000 in November 2024.
At the same time, BTC FUTURES MARKET’s public interest (OI) decreased 24%, reducing from $ 7.18 billion to $ 54.6 billion, and permanent future financing fees.
Only 2.5%of the total supply is fixed with only 2.5%of the total supply, and this de leverage and liquidity shrinkage maintain the ability to exceed $ 90K in the market because there are not sufficient purchase orders to absorb sales orders.
Related: Bitcoin price prediction market BTC will not be higher than $ 138K in 2025.
New demand for Bitcoin continues to decline
The GlassNode Data also emphasized that the supply concentration at the current BTC bull cycle shows the supply concentration at a higher price level ($ 100k-$ 108K) with a higher cost-based distribution (CBD) architecture in the BTC bull cycle.
Bitcoin Happiness Zone, Best Buyer Cost. Source: Glass Node
The lack of demand factors is deteriorated by macroeconomic uncertainty, and as it can be seen in the transition to net capital leaks when the one -month STH cost standard drops from one month to three months, new investors are discouraged.
But GlassNode Analysts
“The flip side of these observations is that long -term holder Cohort still maintains a large portion of the network assets, holding almost 40%of the investment value.”
In essence, this long -term accumulation period eventually contracts supply and a strong rise in the market can lead to a better condition for new demand.
Related: Does Bitcoin, which purchases GAMESTOP, help the BTC price reach $ 200K?
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.