CryptoQuant Reports Capitulation Among Bitcoin Short-Term Holders
- CryptoQuant reported the capitulation of short-term bitcoin holdings.
- According to their data, SOPR and MVRV indicators are at their minimum levels.
- The market structure corresponds to the late phase of the correction, the experts said.
Bitcoin is entering one of the most serious phases of short-term capitulation of this cycle. This was stated by analysts CryptoQuant.
According to their data, the STH-SOPR index has been holding below the level of 1 for several weeks and now stands at 0.97. This indicates that most coins are sold with losses. Experts noted that in past cycles, such a situation was always a sign of panic sales.
Also, analysts paid attention to the STH-MVRV indicator, which fell well below 1. This indicates that almost all participants who bought bitcoin recently are in the loss zone.
Additional confirmation of the panic mood was the transfer of more than 65,000 BTC to centralized exchanges with the fixing of losses, experts said. According to analysts, this move means not just pessimism, but an active desire to get rid of the asset 1 a sign of late capitulation.
CryptoQuant added that such dynamics usually precedes the recovery phase, although it does not guarantee a quick reversal. After the weak hands are exhausted, selling pressure gradually diminishes, setting the stage for growth.
Recall, earlier in CryptoQuant said that the correction of bitcoin may continue to $87 500.
You May Also Like
Bitcoin ETFs Surge with 20,685 BTC Inflows, Marking Strongest Week
Today’s NYT Pips Hints And Solutions For Thursday, September 18th
