Analysis: Bitcoin's sharp decline did not trigger panic selling among short-term holders, with $68,000 becoming the main support level for absorbing supply.

BlockBeats news, November 14 — Crypto analyst Murphy posted that after yesterday's BTC plunge, the high-price trapped positions of short-term holders (STH) only loosened slightly. Data shows that the $73,000 to $86,000 range contains about 1.48 million BTC, accounting for 68% of total STH supply, all currently underwater, but yesterday the net decrease in coins in this range was only 34,000, or about 2.3%, indicating most short-term holders did not panic-sell on the drop.

Specifically, the $75,000, $80,000, and $85,000 cost ranges saw decreases of 7,282, 8,481, and 5,441 BTC respectively, with selling pressure relatively dispersed. Meanwhile, total STH supply rose by a net 17,500 coins on the day, meaning some long-term holders (LTH) were also distributing during the decline. Absorption was concentrated mainly at $68,000, with about 42,200 BTC added at that price level alone.

On profitable positions, the $62,000 to $64,000 range holds about 480,000 BTC, currently the only sizable profitable STH range, and it decreased by only about 3,100 coins yesterday, less than 1%. Murphy believes this range is the nearest support below; if BTC falls into it, short-term holders' profitable positions would essentially reset to zero, and market sentiment pressure could rise further. Conversely, if the trapped supply above remains stable, the price may still have a chance to regain support later.