Bitcoin Price Crash To $62,000 Was Led By This Holer Cohort, Data Shows

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Interestingly, these short-term holders are accountable for the drop to $60,000, as the data shows many of them exiting the market during the initial decline, further exacerbating the price drop.  Short-Term Holders Exit The Market According to an analysis of Bitcoin holder cohorts using data from the CryptoQuant platform, the supply of Bitcoin held by short-term holders has declined substantially since the beginning of the month.

This notable decline is visible in purple bars in the chat below, with every period of price downturns highlighted by an increase in short-term holder selloffs.  Related Reading: Cardano Price Prediction: Analyst Forecasts ADA Price Rocket To $5 The Bitcoin price, which ended September around $65,000, kicked off October with a price dip amidst broader market tensions.

Notably, the chart highlights that this most recent decline to the $60,000 level coincided with the emergence of more purple bars, revealing that the selloff by short-term holders played a significant role in the price decline.

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Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Bitcoin Bitcoin Bitcoin price Bitcoin news BTC news Btcusd Btc price Btc BTCUSDT

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-09 @ 16:00:24 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 439 words

Reading Time: 3 minutes read

Sentences: 62 lines

Sentence Length: 8 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 22969918

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