Analyst: Bitcoin Short-Term Holders Inclined to Take Profits, Over 27,000 BTC Moved to Exchange in Past 24 Hours

BlockBeats News, March 6th, CryptoQuant analyst Darkfost posted, stating, "Despite a slight rebound in Bitcoin, Short-Term Holders (STH) do not seem to believe in it, preferring to realize quick profits. In the past 24 hours, STH has moved over 27,000 BTC to exchanges, a level near multi-month highs.

Currently, the only STH able to realize profits are investors who accumulated positions one week to one month ago, with their realized price around $68,000. The current news flow and macroeconomic outlook remain somewhat negative in the short term, so this behavior is somewhat understandable and relatively rational. This currently constitutes a notable selling pressure signal as STHs do not seem prepared to hold positions for the long term."