Bitcoin continues to trade under $85,000, struggling to break past this important psychological level for nearly two months. Despite several small rallies, the world’s largest cryptocurrency remains stuck, adding pressure on long-term holders (LTHs) who have seen their profits shrink.
According to the latest market statistics, the MVRV Long/Short Difference – one of the most significant investor sentiment indicators – fell to a two-year low. Long-term Bitcoin holders are now experiencing their lowest unrealized profits since March 2023.
As Bitcoin’s price movement weakens, short-term traders are becoming more active. They’re capitalizing on market swings while long-term investors remain cautious. The HODLer net position change also signals trouble, showing that LTHs sold over 6,596 BTC in the last two weeks. That’s worth more than $550 million.
Though this selling volume isn’t massive, it reflects a shift in mood. Many of these holders, who once showed strong confidence, are now turning cautious, which could further delay Bitcoin’s recovery.
Currently, Bitcoin trades at $84,421, holding just above a support level of $82,619. If it breaks below this, the next stop could be $80,000, with $78,841 marking a critical downside target.
However, a strong move above $85,000 could reverse this bearish trend. If Bitcoin holds that level, it might aim for $86,848 and possibly climb toward $89,800, restoring some optimism in the market.
