Bitcoin Struggles Below $80K as Short-Term Holders Sell Off 100,000 BTC
Bitcoin (BTC) remains under pressure, dipping 3% on Thursday as it struggles to hold above the $80,000 mark. The leading cryptocurrency has now dropped 13% in Q1 and sits nearly 30% below its record high from January, signaling potential downside ahead.
Glassnode data shows that short-term holders—investors who have held BTC for under 155 days—have offloaded over 100,000 BTC since February, equating to roughly $8 billion at current prices. These market participants typically enter during bullish cycles but are now taking profits or cutting losses amid increasing uncertainty.
BTC has also slipped beneath its 200-day moving average of $86,300, a key level for assessing long-term market direction. The decline aligns with broader market weakness, as the S&P 500 has also lost its 200-day moving average, currently sitting at 5,537, down from its critical 5,738 level.
Joe Carlasare, a commercial litigator and Bitcoin advocate, pointed to the historical significance of this pattern, warning that extended weakness below the 200-day moving average often precedes further declines. “When markets fail to reclaim this level quickly, downside pressure typically builds,” he noted on X.
As both Bitcoin and traditional markets face technical resistance, traders remain on edge about where prices may head next.
