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Bitcoin Consolidates at $28,000_ Price Vulnerable to Drop to $23,000 as Whales Capitalize on Profit-Taking
Earlier this week on Monday, May 29, the Bitcoin (BTC) price made a quick surge to over $28,000 after news that the US lawmakers will soon pass a proposal to raise the debt ceiling further. Along with Bitcoin, the broader cryptocurrency market gained traction, however, this remained short-lived as BTC eroded all the 4 percent gains, the day later.
As of press time, Bitcoin is trading 0.64 percent down at a price of $27,754 and a market cap of $538 billion. With Bitcoin not finding enough support to continue the bull run, the probability of the move downside remains open. Popular trader Crypto Tony said that the move to $23,000 is very much possible. In a Twitter message, he wrote: “If we close back below $27,500 I will close my long and look for a short position”.
However, soon after yesterday’s bounce, the short positions started rising again showing that the short-term holders were selling at a profit again. On-chain resource Material Indicators noted:
Bitcoin Short-Term Traders Are Selling At Profit
As per the on-chain data, the short-term holders of Bitcoin have been selling at a profit. Blockchain analytics firm Glassnode shows that the seven-day moving average of the short-term holder’s (STH) spent output profit ratio (SOPR) has once again moved back again above 1.
In the weekly newsletter, analysts at Blockware Solutions said:
As per on-chain analysis, a short-term holder SOPR of more than 1 means that short-term holders are selling their BTC at profits. The SOPR reading above 1 signals signs of capitulation while a reading under 1 shows that the average short-term holder is just breaking even. The short-term SOPR particularly focuses on wallets that have held their BTC for less than 155 days.
During the bull markets, the STH SOPR has historically stayed above 1. This is because upward price movements enable short-term holders, including new participants, traders, and those with less conviction, to sell their assets at prices higher than what they paid.
Additionally, the level around 1 often serves as a support level during bull runs, as holders view it as an opportunity to buy at a profitable cost basis, anticipating further price increases. Conversely, during bearish trends, level 1 acts as resistance.