Bitcoin's Shorts Selling at Minimal Loss, Positive Signs for Recovery
CryptoNewsTerminal Staff17 May, 2024
Bitcoin's Shorts Selling at Minimal Loss, Positive Signs for Recovery
Bitcoin's on-chain indicators reveal that short-term holders are selling at minimal profits or losses, reducing selling pressure in the market. This suggests that the recent dip may have shaken out weak hands and stabilized the market. Additionally, the balance of Bitcoin on over-the-counter (OTC) desks remains steady, limiting the influx of supply into the market. Miners' revenue has also dropped to exceptionally low levels, historically coinciding with market bottoms. While demand from major investors, such as Bitcoin spot ETFs, is stable, a stronger inflow is required to sustain the uptrend. However, the positive on-chain indicators and reduced selling pressure suggest that a recovery may be on the horizon.
