was trading at $58,200 at the time of writing after a 2.8% gain. The price increase followed the release of U.S. inflation data as traders bought into the narrative of the Federal Reserve trimming rates next week.In the last two weeks, this cohort has decreased its net position on Bitcoin through profit-taking and loss-taking.Short-term Bitcoin holders have a more immediate impact on price and by selling, they contribute to choppy price moves.
Short-term Bitcoin holders were also selling at a loss, as seen in the Spent Output Profit Ratio , which has been below 1 since the 27th of August.Thus. traders who have held BTC for 155 days or less seemed willing to forego profits and exit their positions due to the fear that prices could drop further. It also showed the strength of the bearish sentiment.
The 50-day SMA, which was at $60,000 at press time, was the immediate resistance for BTC. If the price reaches this level, the near-term sentiment will flip bullish.The Moving Average Convergence Divergence indicator also showed slight bullish momentum. The MACD line has crossed above the signal line, while the MACD histogram bars have turned green.
This trend suggested that bulls might be gearing up. However, a continuation of this uptrend will happen if the MACD line flips positive.Mary is a seasoned crypto news writer passionate about blockchain technology, digital assets, and Web3. She has two years of experience delivering insightful analysis and news on key developments in the industry. She specializes in on-chain metrics, market behavior, industry insights, and technical analysis.Subscribe to get it daily in your inbox.