Short-Term Holders Dump BTC at Loss
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Recent on-chain data reveals that short-term Bitcoin holders have sold over 10,000 BTC at a loss in the past few days, totaling approximately $770 million. This wave of selling comes as analysts forecast a potential drop to $65,000, adding bearish pressure to the market. The capitulation by short-term holders often precedes further downside, as weak hands exit positions, but could also set the stage for a relief rally if selling pressure exhausts. Market participants are closely watching support levels around $65,000, which may act as a critical zone for Bitcoin's next move.
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