Bitcoin Drama: Weak Hands Panic-Sell 15K BTC at a Loss. Is $100K the Next Victim?

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Key Takeaways (Hold onto your hats! 🎩):

  • Short-term Bitcoin holders waved goodbye to 15,000 BTC at a loss this week. Bye-bye! 👋💸

  • Onchain data suggests a Bitcoin price bottom lurking somewhere between $97,000–$94,000 (hold on tight, folks!).

Bitcoin (BTC) had a bit of a dull week. I mean, who wouldn’t with Israel and Iran stirring the pot, and the FOMC hanging like the Sword of Damocles? Investors are chilling on the sidelines like they’re waiting for the next episode of their favorite Netflix show. 📺 Meanwhile, onchain data from CryptoQuant spills the tea: over 15,000 BTC held by short-term holders (STHs)—aka “weak hands”—was sold at a loss. Yikes!

But wait, it gets better! Glassnode data says 959 BTC were shuffled to exchanges at a loss on Monday, then that number jumped to 16,700 BTC by Wednesday. Coincidentally, Bitcoin’s price plummeted from $106,500 to $103,500. Looks like STHs—our panicked friends—just couldn’t hold it together when prices dropped. Oh, and surprise! They sold, realizing losses. Classic move, right?

Here’s the kicker: this mass sell-off is part of the usual STH panic pattern. When these “weak hands” flee, the BTC often ends up in the safe, strong grip of long-term holders (LTHs). You know, the grown-ups in the room. 💪 This keeps the market steady and gives us a solid price foundation to work with.

Oh, and did we mention that STHs have been steadily letting go of their BTC? That weak-hand selling pressure is finally easing up, opening the door for some healthy accumulation. Could this be the start of a price floor? Maybe… 🤔

If you’re looking for more drama, check out the STH-LTH net position change chart. Spoiler alert: there’s been some serious selling by STHs over the last month. But guess who’s been absorbing all that sell-off? You guessed it—LTHs! Talk about taking one for the team. This is likely why Bitcoin’s price has been hovering above the $100,000 mark. #StrongHands

Bitcoin in a “Blind Spot”: Buyer Demand, Please Report to the Floor 🚨

According to Swissblock, Bitcoin’s in a “blind spot.” And no, it’s not a new Bitcoin feature. It’s a market situation where selling pressure is still there, even though prices bounced back a bit. But don’t get too comfy—this may just be a pause before the next big dip, unless buyers decide to show up. Anybody? Anybody? Bueller?

So, let’s talk about the short-term dip. That pesky dip could come before the next rally, as Bitcoin’s onchain cost-basis for short-term holders is pointing to a support range between $97,000 and $94,000. Will this be the local bottom? Will Bitcoin sweep key liquidation levels below $100,000? Stay tuned for the thrilling conclusion of… Bitcoin’s rollercoaster ride! 🎢

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2025-06-20 00:22