Bitcoin Short-Term Holders Now In Profit, What Changed?

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Glassnode, a blockchain analytics platform, shared a chart showing how Bitcoin short-term holders are profiting amid the BTC price shift. Judging by the market’s previous outlook, the recent pivot has surprised many crypto enthusiasts. While the price of BTC has traded within a very close range over the past month, many now wonder what changed in such a short while. The Short-term Holders Cost-basis Analysis The cost basis ribbon for these short-term holders, investors who have held BTC for only a little over one month, shows that they have returned to profit. This marks a notable achievement, seeing that the shift eases the selling pressure from the older long-term holders. Image Source: Glassnode on X If it is steadily maintained, it has the potential even to signal early signs of positive market momentum. With these short-term holders in profit, the market is likely to see less panic about selling pressure. At the same time, these holders may be enticed by the uptick and end up selling their holdings for Fear of Missing Out (FOMO) on the potential gains. For now, the current position of short-term BTC holders suggests growing market confidence and a bullish sentiment. Oftentimes, short-term holders’ profitability is a sign of a looming uptrend or a new bullish price run. If these assumptions play out, BTC may just be heading for a push past $100,000 or even $109,000, a level that marked its last ATH. Bitcoin Dominance Back to New High and Implication Amidst the wins of short-term BTC holders, Bitcoin dominance has recorded an upsurge,  reaching its highest level in the past four years. This follows a notable rally in Bitcoin price. The flagship cryptocurrency trades at $97,684.57, 0.67% higher than its previous 24-hour level. Its market capitalization is now at $1.93 trillion, more than 64% of…