Bitcoin Short-Term Holders Profit

Bitcoin price is finally seeing some relief, but it faces significant resistance at the $68,000 mark, which would trigger over $700 million worth of short liquidations.

Three-quarters of short-term Bitcoin holders are now profitable, potentially giving Bitcoin’s price additional upward momentum.
• Over 75% of short-term Bitcoin (BTC) holders (STHs) are now in profit, thanks to Bitcoin’s recent rally, according to a Glassnode report.
• Bitcoin’s price rally offers significant relief for short-term holders, the cohort that saw over 90% of its supply in the red during late July.

Bitcoin settles above key support level

The Bitcoin price managed to settle above a key support level, despite a $3.9 billion BTC futures expiry that threatened to take BTC to the $63,000 mark.

• Bitcoin needs to hold above the current $65,000 mark, which acts as a key support.
• The retest was successful. Bitcoin has confirmed $65,000 as support. Price will now continue to occupy the $65000-$71500 region (red).

BTC faces significant resistance at $68,000

Despite the bullish price recovery, Bitcoin faces significant resistance at the psychological $68,000 mark.

• Nearly $700 million worth of cumulative leveraged short positions stand to be liquidated across all exchanges, if Bitcoin manages to rise above the $68,000 mark, according to CoinGlass data.
• Short liquidations would surpass $1 billion above the $68,500 mark.
• Inflows into the US spot Bitcoin ETFs have been slowing down since July 23, reaching $31.1 million in cumulative inflows on July 25, according to Farside Investors data.