Bitcoin (BTC) could potentially experience a shift in selling pressure as traders’ profit margins approach zero, according to analysis by Julio Moreno, head of research at CryptoQuant. After a week of price drops, traders have reached the breakeven point for their exchange holdings at $60,000. This suggests that the selling pressure may decrease as unrealized profit margins become negligible. The chart accompanying the analysis illustrates the profit/loss for short-term holders (STHs) of Bitcoin, indicating that these traders have exhausted profitable trades and may now refrain from selling to avoid realizing losses. Historically, returns to STHs’ realized price have often marked market bottoms, providing support to the market since the end of the 2022 bear market. Bitcoin experienced a slight bounce on April 18, reaching $64,182 on Bitstamp, but more evidence of spot demand is needed for a complete recovery.
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