Bitcoin (BTC), 23,200 BTC Panic Sell...Rebound 'Hindered' if it Fails to Surpass $78,000

▲ Bitcoin (BTC)

Following a sharp drop in Bitcoin (BTC), short-term holders offloaded 23,200 BTC onto exchanges at a loss.

According to crypto media outlet U.Today on September 16 (local time), Bitcoin fell by approximately 4% immediately after the failure of the US cryptocurrency market structure bill to pass the Senate. During intraday trading, it dropped as low as $74,900. This decline saw the largest realized loss movement by short-term holders since September.

An analysis using CryptoQuant data shows that the inflow from short-term holders to exchanges surged from approximately 19,400 BTC to 33,100 BTC. Of this, 23,200 BTC moved to exchanges at a loss. This indicates that selling pressure was concentrated on investors who had recently purchased Bitcoin.

Fund movements across exchanges also increased significantly. Over 6,000 BTC flowed into Kraken, far exceeding the usual level of 2,000-3,000 BTC. More than 10,000 BTC moved to Binance. The 7,300 BTC that went into Coinbase Advanced was relatively close to its usual range.

The technical trend also weakened. Bitcoin repeatedly failed to maintain its upward momentum above $80,000. The $75,500-$76,000 range, where the short-term moving averages are located, was also tested again. The daily Relative Strength Index (RSI) approached the overbought zone during the August rally and then fell back to around 50, the neutral line.

U.Today analyzed that Bitcoin must first recover $78,000 for a rebound. It further stated that surpassing $80,000-$81,000 would improve the price structure damaged by the recent sharp decline. While the mid-term key support level is still holding, the realized loss of 23,200 BTC indicates that short-term holders were significantly impacted by this correction.

[Key Article Summary]

-Bitcoin dropped by approximately 4% immediately after the failure of the US cryptocurrency market structure bill to pass the Senate, falling to $74,900 during intraday trading.

-The inflow from short-term holders to exchanges surged from 19,400 BTC to 33,100 BTC, with 23,200 BTC moving at a loss.

-For a rebound, recovering $78,000 was identified as the primary task, with $80,000-$81,000 being cited as the next key resistance zone.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*