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Bitcoin

Bitcoin’s Short-Term Holders See Profit Dominance Amid Market Rebound

Godspower Owie
by Godspower Owie
11 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Given that the market has recently driven up the price of Bitcoin once again to the pivotal $65,000 level, traders and investors are currently seeing huge profits from their positions, especially holders of the crypto asset in the short term.

Short-Term Bitcoin Holders In The Green

A recent report from the world’s leading on-chain and data platform, Glassnode, reveals a significant increase in profit dominance for the short-term holders of Bitcoin. This rise in profit supremacy comes in light of recent positive price movements in  BTC and the general market.

Related Reading: Bitcoin Plunges To $60,000 As Short-Term Holders Harvest Massive Profits

After weeks of volatility and consolidation, the value of BTC has recovered notably, putting a greater proportion of short-term traders in profit. As prices rise, short-term investors are taking advantage of the situation, further driving the upward momentum of the crypto asset.

According to Glassnode, the short-term holders of BTC presently are dominating the market in terms of profits with their Profit/Loss Ratio trading at 1.2. Glassnode highlighted that the metric recently breached a 1 standard deviation above its 90-day mean, suggesting a possible improvement in investors’ mood.

As Bitcoin continues to showcase growth, this development is believed to impact future price movements and the direction of the market as a whole.

Bitcoin
Bitcoin short-term holders dominating profits | Source: Glassnode on X

While short-term holders are seeing huge profits due to recent price upswing, Glassnode, in a previous post, pointed out a potential volatility ahead as a result of a decline in Open Interest. A decrease in open interest implies that traders are closing their positions because of heightened price volatility, triggering fear and uncertainty among investors.

The platform noted that during the rally last weekend, about $2.5 billion in futures in futures open interest was closed, which indicates a flushing of short sellers. However, the open interest reduction on the top 3 perpetual exchanges fell short of the 5% level, making the market vulnerable to volatility and possible squeezes on leveraged traders.

BTC’s Price Maintains Recent Pace

Investors’ optimism around Bitcoin is brewing following a recent price rebound witnessed on Monday. The crypto asset has displayed strong price performance ever since, holding firmly above the $65,000 level after recovering the mark.

Related Reading: Bitcoin’s Short-Term Rally Incoming? Expert Projects 60% BTC Growth In Q4

In the past day, BTC has recorded a nearly 3% increase, trading at $65,660. Meanwhile, in the broader outlook, like the weekly and monthly time frames, the crypto asset has risen by over 5% and 9%, respectively.

Considering Bitcoin’s renewed strength, several analysts believe that the move could be part of a much bigger rally, possibly to new all-time highs in the short term or before the end of the year.

According to Captain Faibik, a crypto expert, BTC’s movement so far has been good. It has formed a wedge pattern and is once again drawing closer to the $68,000 key resistance. If BTC breaks out of the wedge pattern, Faibik is confident that prices could soar to $88,000 and $90,000 in November.

Bitcoin
BTC trading at $65,801 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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